EU MiFID II—microstructural issues

Copyright © 2025 LexisNexis
Published by a LexisNexis EU Law expert
Practice notes

EU MiFID II—microstructural issues

Copyright © 2025 LexisNexis

Published by a LexisNexis EU Law expert

Practice notes
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This Practice Note details the requirements introduced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) for investment firms and trading venues with regard to algorithmic and high frequency trading (HFT), market making, direct electronic access (DEA) and tick sizes. It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance. It also highlights changes made by Directive (EU) 2024/790 (the MiFID II Review) and Regulation (EU) 2024/791 (the MiFIR Review). Among other things, MiFID II requires firms and trading venues to establish effective systems and risk controls and ensure that trading systems are resilient and have sufficient capacity.

This Practice Note focuses on the EU’s MiFID II framework. For information on the UK’s post-Brexit MiFID II reforms with specific focus on the Wholesale Markets Review and its partial implementation in the Financial Services and Markets Act 2023 (FSMA 2023) as well as related FCA consultations, see Practice Note: UK MiFID II reforms. For further information on the changes that have been made to the UK’s MiFID

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Jurisdiction(s):
European Union

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