ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics

MiFID Firms

Date: 19 November 2018

On 14 November 2018, the European Securities and Markets Authority (ESMA) updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&As provide clarification on the following topics:

• Making data available free of charge 15 minutes after publication (amendment to an existing Q&A); 
• Obligations applicable to systematic internalisers in non-TOTV instruments;
• Definition of RFQ systems;
• Pre-trade transparency in RFQ systems;
• Concept of comparable size in market making agreements and voluntary provision of liquidity. 

ESMA will continue to develop these Q&As in the coming months and will review and update them where required.