- The Wholesale Markets Review—fine-tuning the MiFID II regime?
- Trading venues perimeter
- Potential removal of some restrictions on multilateral trading facilities (MTF) and organised trading facilities (OTF) operators
- Adjustments to the SI regime
- Removal of the double volume cap (DVC)
- Potential removal of the share trading obligation (STO)
- Market makers and algorithmic trading
- Amendments to the derivatives trading obligation (DTO)
- Clarifying the scope of transparency requirements for non-equity instruments
- Changes affecting commodity markets
- Enabling a consolidated tape (CT)
Financial Services analysis: Partner Ash Saluja, of counsel Susann Altkemper and senior associate Tom Callaby of CMS discuss HM Treasury’s July 2021 consultation paper on the Wholesale Markets Review and how the review could lead to changes to the inherited second Markets in Financial Instruments Directive (MiFID II) framework in the UK.
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