A new draft report on Mifid II amendments confirms plans to ban payment for order flow (PFOF) in Europe, as well as removing dark pool caps and supporting a pre-trade consolidated tape, among others. The TRADE explores these legislative updates in detail to provide a comprehensive summary of the proposed changes.
Statistical analysis from ESMA has revealed the Goldman Sachs SI was the largest in Europe and the second largest venue in 2019 after Cboe Europe’s MTF.
Analysis by the AMF found just 22% of the amounts traded by SIs in the continuous trading phase are subject to pre-trade transparency.
Initial responses to the MiFID II review consultation reveal that asset managers are keen for a consolidated tape before any major changes to the rules are implemented.
European regulators have been told not to prioritise supervision of the changes to systematic internalisers amid the coronavirus pandemic.
James Baugh, head of EMEA equities market structure at Citigroup, talks to The TRADE about the impact MiFID II has had on European market structures, the changing relationship between the buy- and sell-sides, and what further regulatory changes may be in store.
Systematic internaliser data due to be published on 30 April has been delayed by the European markets regulatory after a technical issue.
Market maker-run systematic internalisers are bedding in to market structures but transparency concerns are still lingering.
ESMA prepares for 'no-deal' Brexit with plans to temporarily suspend calculations for vital MiFID II rules including the SI regime, DVCs and bond liquidity.
ESMA cites bad data but gives no further details on when the regime will be implemented for derivatives, other than it will be in 2020 at the latest.