Discussion Paper on MiFID II/MiFIR

Discussion Paper on MiFID II/MiFIR

from 22 May 2014 to 01 August 2014


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 investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments.
Responding to this paper
The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.Please use this “form to reply”.  
Please note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format;ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags.
Naming protocol - In order to facilitate the handling of stakeholders responses please save your document using the following format:
ESMA_MiFID2_DP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g.if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_DP_ESMA_REPLYFORM or ESMA_MiFID2_DP_ESMA_ANNEX1
Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale, including on any related costs and benefits; andiii.    describe any alternatives that ESMA should consider
Given the breadth of issues covered, ESMA expects and encourages respondents to specially answer those questions relevant to their business, interest and experience.
Responses must reach us by 1 August 2014.
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 end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that 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 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 ‘Disclaimer’.

Document available for this Consultation
22/05/20142014/548Discussion Paper on MiFID II/MiFIR


Activity Institution Download
Hamburg Stock Exchange + Hannover Stock Exchange
Wholesale Markets Brokers Association
Nasdaq OMX
TOM The Order Machine - TOM MTF
Hamburg Stock Exchange + Hannover Stock Exchange
Liquidnet Europe Limited
Bolsas y Mercados Españoles - BME
Boerse Stuttgart
Börse Berlin
BATS Chi-X Europe
Prague Stock Exchange
Deutsche Börse Group
ICI Global
Vienna Stock Exchange / Wiener Börse AG
McGraw Hill Financial Inc.
Quincy Data, LLC
Stadtwerke München GmbH
Bloomberg L.P.
Tradeweb Europe Limited
The Baltic Exchange Ltd
CME Group Inc.
Asset Management AMUNDI
Asset Management Union Asset Management Holding AG
Asset Management AIMA
Asset Management Baillie Gifford & Co
Asset Management BVI
Asset Management Evans Hart Ltd
Asset Management Natixis Asset Management
Asset Management EFAMA
Asset Management Vanguard Asset Management, Limited
Asset Management Legal & General Investment Management Ltd
Asset Management Dimensional Fund Advisors Ltd
Asset Management Thomas Freiberger Vermoegensverwaltung GmbH
Asset Management Ceros GmbH
Asset Management Investment Management Association
Asset Management BlackRock
Asset Management Citadel LLC
Asset Management Association Francaise de la Gestion Financière
Asset Management Managed Funds Association
Banking Austrian Bankers' Association
Banking Luxembourg Bankers' Association, the ABBL
Banking European Savings and Retail Banking Group
Banking Wirtschaftskammer Österreich
Banking ABN AMRO Clearing Bank N.V.
Banking Crédit Agricole SA
Banking HSBC
Banking UniCredit - CIB
Banking The German Banking Industry Committee
Banking BNP Paribas
Banking Deutsche Bank AG
Banking Nederlandse Vereniging van Banken
Banking International Swaps and Derivatives Association, Inc
Banking GFMA
Banking European Association of Co-operative Banks
Banking Italian Banking Association
Banking National Association of German Cooperative Banks (BVR)
Banking AFME
Banking UBS AG
Banking European Banking Federation
Banking BBA
Banking Association of Foreign Banks
Banking Czech Banking Association
Banking Association of Foreign Banks in Germany
Government, Regulatory and Enforcement Sub Committee on EU Sovereign Debt Markets
Investment Services State Street Corporation
Investment Services Thomson Reuters
Investment Services NAMFI
Investment Services RSJ a.s.
Investment Services Wealth Management Association
Investment Services Donald Asset Management
Investment Services KCG EUROPE LTD
Investment Services Shell International Trading and Shipping Company Limited
Investment Services Manse Capital Ltd
Investment Services Kudos Financial Consultancy
Investment Services Capita IRG Trustees Limited
Investment Services Nordic Securities Association
Investment Services IG Markets Limited
Investment Services Sphene Capital GmbH
Investment Services Federation of Finnish Financial Services
Investment Services AMAFI
Investment Services Bundesverband der Wertpapierfirmen
Investment Services Winterflood Securities Limited
Investment Services ASSOSIM
Investment Services Marshall Wooldridge Ltd
Investment Services Investment Technology Group Limited
Issuers The Association of Corporate Treasurers
Issuers Deutsches Aktieninstitut
Issuers The Quoted Companies Alliance
Issuers Association of Danish Mortgage Banks and Danish Mortgage Banks’ Federation
Legal and Accountancy The Institute of Chartered Accountants of Scotland
Legal and Accountancy Eversheds LLP
Press Argus Media Ltd
Press ICIS
Sovereign Issuers State Treasury, Republic of Finland
Sovereign Issuers Danmarks Nationalbank
Sovereign Issuers Swedish National Debt Office
Others Thuenen Institute of Market Analysis
Others FIA Associations
Others Finance Watch
Others FIX Trading Community
Others Fidessa
Others FMR Advisory
Others Oesterreichs Energie Association of Austrian Electricity Companies
Others Oxfam International
Others Association of National Numbering Agencies scrl (ANNA)
Others FEDIOL - The EU Vegetable Oil and Proteinmeal Industry
Others FoodDrinkEurope
Others ETF Securities
Others Gazprom Marketing and Trading Ltd
Others Enel Group
Others WEED - World Economy, Ecology & Development
Others Siemens AG
Others German association of local utilities
Others Société Française des Analystes Financiers
Others London Bullion Market Association - LBMA
Others Markit
Others VNG - Verbundnetz Gas AG
Others Alcoa
Others Global Financial Markets Association - Commodities Working Group
Others European Association of Central Counterparty Clearing Houses (EACH)
Others Louis Dreyfus Commodities Suisse SA
Others MSCI
Others Depository Trust & Clearing Corporation
Others Deutscher Raiffeisenverband e. V., Berlin
Others European Central Counterparty N.V.
Others FinalytiQ Limited
Others V/F/I Verband Finanzdienstleistungsinstitute e.V
Others Gafta - The International Grain and Feed Trade Association
Others Commodity Markets Council - Europe
Others FIA Europe
Others Chair of e-Finance, Goethe University Frankfurt
Others SWIFT
Others BDEW - German Association of Energy and Water Industries
Others Institute for Agriculture and Trade Policy
Others World Development Movement
Others National Physical Laboratory
Others Norges Bank
Others EDF Trading
Others AFTE - French Association of Corporate Treasurers
Others Confederation of Industry of the Czech Republic (SPCR)
Others CFA Institute
Others EFET European Federation of Energy Traders
Others Energie-Nederland (association of energy companies in NL)
Others Eurogas
Others SOMO
Others swisselectric
Others Swedenergy - the Swedish electricity industry association
Others Euroclear SA/NV
Insurance, pension & asset management PensionsEurope
Insurance, pension & asset management Eumedion Corporate Governance Forum
Insurance, pension & asset management Institute of Financial Planning
Insurance, pension & asset management Swedish Investment Fund Association
Government regulatory & enforcement KNF - Polish Financial Supervision Authority
Regulated markets, exchanges & trading systems London Stock Exchange Group plc
Regulated markets, exchanges & trading systems POWER EXCHANGE CENTRAL EUROPE
Regulated markets, exchanges & trading systems Europex
Regulated markets, exchanges & trading systems Irish Stock Exchange
Regulated markets, exchanges & trading systems Federation of European Securities Exchanges
Regulated markets, exchanges & trading systems Index Industry Association
Regulated markets, exchanges & trading systems Budapest Stock Exchange
Regulated markets, exchanges & trading systems RTE