Consultation on MiFID II/ MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares

From
to
Read responses
Type of event
Consultation
Section
Trading
Details

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  1. respond to the question stated;
  2. indicate the specific question to which the comment relates;
  3. contain a clear rationale; and
  4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 14 April 2020.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading ‘Data protection’.

Who should read this paper?

This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms and credit institutions performing investment services and activities. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments. 

Activity Institution Download
Individuals not affiliated
  • 54659
Regulated markets, exchanges and trading systems Aquis Exchange
  • 54913
Börse München
  • 54932
Asset Management Janus Henderson
  • 54942
Issuers Quoted Companies Alliance (QCA)
  • 54951
Others Finance Finland
  • 54953
Regulated markets, exchanges and trading systems Deutsche Börse Group
  • 54954
Banking ING Group N.V.
  • 55421
Regulated markets, exchanges and trading systems Nordic Growth Market NGM AB
  • 54967
Investment Services Tower Research Capital Europe
  • 54970
Virtu ITG Europe Limited
  • 54971
Asset Management AIMA
  • 54972
Others All Options International B.V.
  • 54974
BME
  • 54975
Spotlight Stock Market
  • 54977
Asset Management Baillie Gifford Overseas Limited
  • 54982
Asset Management BVI
  • 54983
Asset Management Baillie Gifford Overseas Limited
  • 54984
Börse Stuttgart
  • 54986
Asset Management Baillie Gifford Investment Management (Europe) Ltd
  • 54988
Regulated markets, exchanges and trading systems World Federation of Exchanges
  • 55422
Investment Services Association of Proprietary Traders
  • 54992
Investment Services Bundesverband der Wertpapierfirmen (bwf)
  • 54994
Others FIA European Principal Traders Association (FIA EPTA)
  • 55419
Banking German Banking Industry Committee
  • 54995
Regulated markets, exchanges and trading systems Liquidnet
  • 54996
Banking German Banking Industry Committee
  • 54997
Investment Services Finance Denmark
  • 54998
Investment Services Finance Denmark
  • 54999
Federation of European Securities Exchanges (FESE)
  • 55000
Investment Services Nordic Securities Association
  • 55001
Investment Services Nordic Securities Association
  • 55002
Borse Berlin Equiduct
  • 55003
Investment Services Nordic Securities Association
  • 55005
Others Bloomberg LP
  • 55006
Asset Management Invesco
  • 55007
Asset Management Norges Bank Investment Management
  • 55008
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
  • 55009
Asset Management European Fund and Asset Management Association
  • 55010
Euronext
  • 55011
Investment Services Managed Funds Association
  • 55016
Asset Management AMUNDI
  • 55018
Asset Management BlackRock
  • 55019
Banking J.P.Morgan AG
  • 55021
Banking European Banking Federation
  • 55022
Nasdaq
  • 55025
State Street Global Advisors
  • 55027
London Stock Exchange Group plc (LSEG)
  • 55028
Banking Austrian Federal Economic Chamber, Division Bank and Insurance
  • 55332
Individuals BETTER FINANCE - The European Federation of Investors and Financial Services Users
  • 55335
Investment Services Optiver
  • 55349
Banking Association for Financial Markets in Europe
  • 55343
Cboe Europe
  • 55418
Banking Banca Sella Holding
  • 55346
Banking Association for Financial Markets in Europe
  • 55348
Others ESMA Securities and Markets Stakeholder Group
  • 55416
Others CNMV Advisory Committee
  • 55417