MiFID II & MiFIR—pre- and post-trade transparency
MiFID II & MiFIR—pre- and post-trade transparency

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • MiFID II & MiFIR—pre- and post-trade transparency
  • The MiFIR pre- and post-trade transparency regime
  • MiFIR pre- and post-trade transparency—level 2 measures and level 3 guidance
  • UK implementation of the MiFIR pre- and post-trade transparency regime
  • Equity and equity-like instruments—pre-trade transparency requirements for trading venues
  • Equity and equity-like instruments—pre-trade transparency waivers
  • Volume cap on waivers
  • Equity and equity-like instruments—Firm quote requirements for SIs
  • Liquid markets for equity and equity-like instruments
  • Equity and equity-like instruments—post-trade transparency requirements
  • more

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.

This Practice Note provides an overview of the pre- and post-trade transparency regime for trading venues and investment firms that is set out in the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018 together with the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance. It also examines how the regime has been implemented in the UK, and it highlights the key changes made to the original Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) transparency regime.

For more information about MiFIR and MiFID II, see Practice Notes: MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—toolkit.

The MiFIR pre- and post-trade transparency regime

Following a review of MiFID I, the European Commission in 2011 proposed a revised and recast directive and