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ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics

12 July 2019

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&As provide clarification on the following topics:

  • The use of pre-arranged transactions for non-equity instruments (Amendment to an existing Q&A);
  • The hedging exemption of Article 8 of MiFIR; 
  • The treatment of constant maturity swaps; and
  • The application of the tick size regime to periodic auction systems. 

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provide responses to questions posed by the general public and market participants in relation to the practical application of level 1 and level 2 provisions relating to transparency and market structures issues.

ESMA will continue to develop these Q&As in the coming months and will review and update them where required.