ESMA publishes MiFID II Q&As on transparency and market structure topics

ESMA has published a new Q&A document on market structures which provides clarifications on the two following topics:

• data disaggregation; and,
• the mandatory tick size regime.

ESMA has also updated its Q&A on transparency with two new questions which provide details regarding:

• article 4(7) of MiFIR, review of waivers granted in accordance with MiFID I; and,
• the procedure for granting a waiver from pre-trade transparency obligations for illiquid non-equity financial instruments.

The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MiFID II/MiFIR and its implementing measures.