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What is post-trade transparency?

What is post-trade transparency?

Post-trade transparency refers to regimes in different jurisdictions that require firms to publicly disclose trades they undertake.

What is pre-trade transparency MiFID II?

The purpose of pre-trade transparency is to give investors access to information on current orders and executable quotes before the trade is executed, in order to aid with price formation and help investment firms and banks to provide best execution.

Does MiFID II apply to UK after Brexit?

Mifid II will have some of its ‘rough edges smoothed off’ in post-Brexit Britain, but there is no appetite to completely tear up the EU’s protection for investors in UK law, according to regulator the Financial Conduct Authority (FCA).

What is reportable under MiFID II?

Under MiFID II/MiFIR, operators of all trading venues (including Multilateral Trading Facilities, MTFs, and Organised Trading Facilities, OTFs) must report transactions traded on their platform when executed through their systems by a firm which is not subject to the regulation.

What is pre and post trade transparency?

The transparency in the MiFID context can be understood as the disclosure of information related to quotes (pre-trade transparency) or transactions (post-trade transparency) relevant to market participants for identifying trading opportunities and checking best execution and to regulators for monitoring the behaviour …

What is the difference between MiFID and MiFIR?

The main difference between MiFID and MiFIR is that the directive (MiFID) sets out the goals that EU member states should strive to meet, whereas the regulation (MiFIR) imposes rules that all countries must follow. MiFID II is a legislative act that sets out goals that all countries in the EU need to achieve.

For which financial instruments are transactions subject to the post trade transparency obligation?

All investment firms (including SIs) as well as relevant regulated trading venues (MTFs and RMs) will be subject to post-trade transparency obligations.

Is the UK still subject to MiFID?

Not only has it now been over three years since MiFID II was introduced, but the UK has also officially left the European Union.

What are the MiFID 2 requirements?

MiFID II introduces significant product governance requirements. Investment firms that create products, so called manufacturers, will be required to identify a target market and take reasonable steps to distribute the product.

What products are in scope for MiFID II?

MiFID II – Products and transactions in scope It covers notably cash equity, fixed income, equity derivatives, commodity derivatives, credit derivatives, emission allowances. Some instruments are only subject to some limited requirements: structured deposits, structured financing transactions.

Who does MiFIR apply to?

MiFID II and MiFIR apply to all regulated financial services firms undertaking MiFID business in the EU and those firms providing services cross-border.

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