MiFID II quick fixes

In its consultation for changing RTS 1, published yesterday, ESMA suggests that the tick size regime should also be extended to Systematic Internalisers. I don’t want to discuss whether it is a sensible proposal. Nor do I want to debate whether ESMA can use a Level 2 text to override the explicit statement in MiFID II (Article 18 and 39). MiFID II was always a carefully balanced political compromise across many different stakeholders and changing any detail risked upsetting that balance. The industry needs regulatory certainty to justify the massive investment it takes to upgrade all of its systems, and yet here we are with the second last minute consultation on the SI regime.

If this is the first sign of the snagging list from the regulation builders perhaps I should hurry up and get my wish list of MiFID II ‘quick fixes’ in the mail. If the SI regime can be changed, then why not re-open the discussion on DEA, dark pools, research, etc?

Leave A Comment

Copyright © 2017 Fidessa group plc. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.