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9 October 2018 – In the first round of data
performance indicators published by ESMA,
Goldman Sachs, Liquidnet and Bloomberg
among those firms called out for a high
number of incomplete data submissions
relating to the dark pool DVCs.
18 September
2018 - MiFID
II author and
member of
the European
Parliament,
Kay Swinburne,
says that MiFID
III is “further
away than
people think”
in response to
growing calls for
sweeping changes
to the regulation,
highlighting that
any refinements
to the regime
would most
likely be
relatively minor
compared to the
introduction of
MiFID II.
27 September
2018 – ESMA
announces it is to
publish two new
data completeness
indicators for
trading venues
charting the
performance of
delivery of data for
DVCs and bond
liquidity, increasing
pressure on trading
venues to improve
their provision
of “timely and
complete data”.
21 September 2018
The European Commission agrees
to ESMA’s proposal to extend the
tick size regime to SIs, under the
condition that the regime is limited
to shares and depositary receipts
only, to address concerns over
efficient price formation.
8 November 2018 – Brexit
will be the “single biggest
driver” of a review of the
MiFID II regime, according
to MEP Kay Swinburne,
who said that although
MiFID III was “a reality”,
it was more likely to be
formed through a series of
reviews to existing MiFID
II standards that would
be heavily influenced by
political developments.
9 November – ESMA
calls for industry
evidence to assess
whether, and to which
extent, periodic auction
systems can evade
MiFID II transparency
requirements such as
the DVCs.
Issue 60 // TheTradeNews.com // 37