ESMA updates its Q&As on MiFID II and MiFIR transparency and market structures topics
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 Q&As provide clarification on the following topics:
- the default liquidity status, SSTI and LIS thresholds of non-equity instruments;
- the publication of transactions in an aggregated form;
- the conversion of LIS/SSTI thresholds in lots [amendments to an existing ESMA Q&A]; and
- multilateral systems facilitating the execution of repurchase agreement (repo) transactions.
Background
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.