The TRADE 60 | Page 36

[ 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.