[ T I M E L I N E
| T H E
18 June 2018 – The
FCA reveals it will
undertake a review
of MiFID II’s rules
around research
payments and
corporate access in
asset management,
raising concerns
that there have been
misinterpretations
of the rules
and their
implementation.
F I R S T
5 0 0
22 June 2018 - Steven
Maijoor, chair of
ESMA, announces
that the watchdog
will carry out a “fact-
finding” exercise on
periodic auctions and
SIs after volumes surge
across the new venue
types under MiFID II.
Maijoor also outlined
several areas where
improvements to the
implementation of
MiFID II would be
required, including
escalating market
data costs imposed by
exchange operators.
20 June 2018 – ESMA
confirms it will not
provide a grace period
for MiFID II’s legal
entity identifier (LEI)
reporting requirements.
36 // TheTrade // Summer 2019
D AY S
O F
M I F I D
I I ]
13 July 2018
With Brexit
looming
closer, ESMA
announces it
is considering
enforcing
MiFID II’s tick
size regime
for countries
outside of
the European
Union, meaning
all third-country
instruments
would be obliged
to comply with
the regulation.
12 July 2018 – ESMA
delays the implementation
of the systematic
internaliser (SI) regime for
derivatives to 2019, due to
“incomplete and inadequate
data” that had not yet
reached a level where
ESMA was able to conduct a
complete analysis.
19 July 2018 –
Research from
TABB Group
finds that SIs
run by market
makers traded
close to ¤30
billion in the
first quarter of
2018.