ESMA_QA_1612
Topic
Direct Electronic Access and algorithmic trading
07/07/2017
Subject Matter
Kill functionality
Question
Does the ‘kill functionality’ require having to integrate different systems in-house using a software approach so that a single button can cancel all orders in all asset classes for all house trading and client trading?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA_QA_1611
Topic
Direct Electronic Access and algorithmic trading
07/07/2017
Subject Matter
Direct Electronic Access (DEA) and algorithmic trading
Question
Article 2(1) of RTS 26 provides an exemption from pre-trade, order-by-order checking for on-venue traded cleared derivatives if certain conditions are met. When this exemption applies to clearing members, does it also exempt clearing members from the requirement under Article 26(2) of RTS 6 to have “appropriate pre-trade and post-trade procedures for managing the risk of breaches of position limits”?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA_QA_1610
Topic
Direct Electronic Access and algorithmic trading
07/07/2017
Subject Matter
Trading venues
Question
Article 2(2) of Commission Delegated Regulation (EU) 2017/582 (RTS 26) requires trading venues to provide tools to ensure pre-execution screening on an order-by-order basis by each clearing member of the limits set and maintained by that clearing member for its client pursuant to RTS 6. Which specific provision of RTS 6 is the reference to limits in Article 2(2) of RTS 26 referring to?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA_QA_1532
Topic
Position reporting
07/07/2017
Subject Matter
Position reporting
Question
How does ESMA propose to address the breaches of applicable non-EU laws and regulations regarding data protection and bank secrecy which may potentially arise from the reporting of client and end client positions?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA_QA_1662
Topic
Access to CCPs and trading venues
07/07/2017
Subject Matter
CCP - novation trade acceptance model
Question
Is a CCP using an open offer trade acceptance model obliged to accept a request for access from a trading venue using a novation trade acceptance model?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets