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

The following Financial Services practice 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
  • Delegated acts
  • Technical standards
  • ESMA Q&As
  • UK implementation of the MiFIR pre- and post-trade transparency regime
  • Equity and equity-like instruments—pre-trade transparency requirements for trading venues
  • Pre-trade information to be made public
  • Access to publication arrangements
  • More...

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

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory 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

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