[ T I M E L I N E
| T H E
F I R S T
14 November 2018
New figures find
that more than half
of capital markets
firms have stated
that they are not
currently producing
RTS 27 reports
in compliance
with MiFID II
best execution
requirements despite
having a legal
obligation to do so.
10 December 2018
Research from
Liquidnet finds that
assets managers
outside of Europe
have implemented
a global policy
for the separation
of research and
execution payments
as a result of the
changes introduced
by MiFID II,
with further
firms intending
to do so in future,
despite not having
a compliance
obligation to do.
38 // TheTrade // Summer 2019
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D AY S
O F
14 December 2018
ESMA confirms
that it will
amend the tick
size regime to
combat concerns
that Brexit will
leave trading
venues in the EU
at a competitive
disadvantage,
and has put
the proposal to
the European
Commission.
9 January 2019
A regulatory
outlook report
from Deloitte
finds that
the research
unbundling
requirements
of MiFID II
will most likely
lead to further
consolidation
on the buy-
side, more
prominently
among smaller
firms which
struggle
to absorb
the costs of
research.
M I F I D
I I ]
17 January 2019 – ESMA
publishes the responses to its
call of evidence on periodic
auctions, with the majority of
market participants opposing
regulatory interference in how
the execution venues operate.
Many respondents, particularly
on the buy-side, instead
highlighted the proven benefits
that periodic auctions provided
investors, including the ability to
show natural liquidity, reducing
costs and helping firms achieve
best execution.