ESMA_QA_1608
Topic
Direct Electronic Access and algorithmic trading
31/05/2017
Subject Matter
“Continuous” assessment and monitoring of market and credit risk in Article 17(2) of RTS 6
Question
What is meant by “continuous” assessment and monitoring of market and credit risk in Article 17(2) of RTS 6 which relates to investment firms’ post trade controls?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA_QA_1591
Topic
Data reporting services providers
31/05/2017
Subject Matter
Assignment of MICs to APAs
Question
Who will assign the identifier for the APA?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA_QA_1580
Topic
Systematic internaliser regime
31/05/2017
Subject Matter
Compliance with the quoting obligations for SIs in non-equity instruments
Question
a) Can systematic internalisers meet their quoting obligations under Article 18(1) of MiFIR for liquid instruments by providing executable quotes on a continuous basis?
b) Can client orders routed by an automated order router (AOR) system be considered as ‘prompting for a quote’ according to Article 18(1)(a) of MiFIR?
c) For how long should quotes provided by systematic internalisers be firm, or executable?
d) What are the obligations for systematic internalisers dealing in non-equity instruments for which there is no liquid market under Article 18(2) of MiFIR?
e) Which arrangements should systematic internalisers use when publishing firm quotes? Should these be the same arrangements as for equity instruments?
f) Should systematic internalisers disclose their identity when publishing firm quotes?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA_QA_1565
Topic
Pre-trade transparency waivers
31/05/2017
Subject Matter
Calculation of the “current volume weighted spread reflected in the order book” for negotiated transactions
Question
How should the “current volume weighted spread reflected in the order book” be calculated for negotiated transactions under Article 4(1)(b)(i) of MiFIR?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA_QA_1564
Topic
Pre-trade transparency waivers
31/05/2017
Subject Matter
Substantial and non-substantial amendments to MiFID I waivers
Question
When a modification is required to a trading venue system that benefits from a waiver granted in accordance with MiFID I in order to make it compliant with MiFIR, what is the appropriate process?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets