Głowacki Law Firm

Systematic internaliser (SI) in MiFID II - a counterparty, not a trading venue - Page 5

 

 

 

 

 

chronicle

Systematic internaliser regulatory chronicle 

 

 

 

20 September 2018

 

ESMA Opinion, Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1), ESMA70-156-769

 

20 July 2018

 

ESMA has provided access to the template which will be used to publish the first set of figures necessary for investment firms to assess whether they are systematic internalisers in specific financial instruments on 1 August 2018

 

12 July 2018 

 

ESMA sets out action plan for systematic internaliser regime calculations and publications (plan focuses on equity, equity-like instruments and bonds while postponing the publication for derivatives and other instruments to 1 February 2019)

 

Questions and Answers on MiFID II and MiFIR transparency topics, ESMA70-872942901-35 updated

 

28 March 2018

 

Questions and Answers on MiFID II and MiFIR market structures topics, ESMA70-872942901-38

The phrase is added:

“The concept of de facto riskless back-to-back transactions is not confined to pairs of transactions in the same financial instrument. Other arrangements, for example where one leg is a securities transaction and the other is a derivative which references that security, could also be deemed as having the objective or consequence of carrying out de facto riskless back-to-back transactions.”

 

Questions and Answers on MiFID II and MiFIR transparency topics, ESMA70-872942901-35 updated

 

26 March 2018

 

ESMA’s Final Report, Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1), ESMA70-156-354 - ESMA did not amend its proposal following the consultation

 

9 November 2017

 

ESMA Consultation Paper, Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1), ESMA70-156-275 - amendment to the SI‘s tick-size exemption

 

MIFID II: ESMA consults on systematic internalisers’ quote rules

 

28 August 2017

 

Commission Delegated Regulation (EU) 2017/2294 of 28 August 2017 amending Delegated Regulation (EU) 2017/565 as regards the specification of the definition of systematic internalisers for the purposes of Directive 2014/65/EU

New Article 16a has been inserted into the Delegated Regulation (EU) 2017/565 with the following wording:
“Article 16a
Participation in matching arrangements
An investment firm shall not be considered to be dealing on own account for the purposes of Article 4(1)(20) of Directive 2014/65/EU where that investment firm participates in matching arrangements entered into with entities outside its own group with the objective or consequence of carrying out de facto riskless back-to-back transactions in a financial instrument outside a trading venue.”

 

 

 

 

 

 

 

IMG 0744

    Documentation    

 

 

 

 

 

 

ESMA’s Final Report, Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1), 26 March 2018, ESMA70-156-354 

 

ESMA Consultation Paper, Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1), 09 November 2017, ESMA70-156-275

 

MIFID II: ESMA consults on systematic internalisers’ quote rules, 09 November 2017

 

Commission Delegated Regulation of 28.8.2017 amending Delegated Regulation (EU) 2017/565 as regards the specification of the definition of systematic internalisers for the purposes of Directive 2014/65/EU (C(2017)5812)

 

ESMA's Opinion OTC derivatives traded on a trading venue (TOTV), 22 May 2017, ESMA70-156-117

 

Questions and Answers on MiFID II and MiFIR market structures topics, ESMA70-872942901-38

 

ESMA's letter to the European Commission on MiFID II systematic internalisers operating broker crossing networks, 1 February 2017, ESMA70-872942901-19

 

Questions and Answers on MiFID II and MiFIR transparency topics, ESMA70-872942901-35

 

Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive

 

Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions, OJ L 87, 31.3.2017, p. 152–165

 

Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution, OJ L 87, 31.3.2017, p. 166–173

 

Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions, OJ L 87, 31.3.2017, p. 90–116

 

Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (RTS 2)

 

Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (RTS 1)

 

ESMA's Discussion Paper on MiFID II/MiFIR of 22 May 2014, ESMA/2014/548

 

Final Report ESMA's Technical Advice to the Commission on MiFID II and MiFIR of 19 December 2014 (ESMA /2014/1569)

 

Regulatory technical and implementing standards – Annex I, 28 September 2015 (ESMA/2015/1464)

 

UK HM Treasure MiFID II Consultation Impact Assessment, p. 8

 

Cost Benefit Analysis – Annex II Draft Regulatory and Implementing Technical Standards MiFID II/MiFIR, 28 September 2015 (ESMA/2015/1464)

 

 

 

 

 

 

clip2

    Links    

 

 

 

 

 

 

ESMA‘s register of systematic internalisers under MiFID II

 

ESMA’s template to be used to publish the first set of figures necessary for investment firms to assess whether they are systematic internalisers in specific financial instruments on 1 August 2018

 

German Federal Financial Supervisory Authority (BaFin) website on systematic internalisation

 

Systematic internaliser notification pursuant to section 79 sentence 1 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), BaFinWpHG), BaFin

 

Christoph Kumpan, Hendrik Müller-Lankow, The multilateral single-dealer system - an oxymoron under MiFID II?, 13 September 2017

 

ITG, MiFID II: Systematic Internalisers and Liquidity Unbundling

 

MiFID II may triple dark trading in Europe as new venues soar

 

MiFIDʼs Controversial Dark-Trade Workaround Has Some Crying Foul

 

Nasdaq says SIs have unfair advantages 

 

EU Commission to address MiFID II systemic internaliser loophole

 

Financial Instruments Reference Data System (FIRDS)

 

Delay to SI regime presents 'new unknowns' for industry

 

ISDA MiFID CP Submission 

 

 

 

 

 

 

 

 

 

 

 



Last Updated on Friday, 21 September 2018 21:02
 

Search

TwitterFacebookLinkedin
Copyright © 2009 - 2018 Michal Glowacki. All rights reserved.
The materials contained on this website are for general information purposes only and are subject to the disclaimer