ICMA responds to ESMA's consultation paper on MiFID II/ MiFIR review report on the transparency regime for non-equity and the trading obligations for derivatives


12 June 2020 ESMA recently reached out to the industry for consultation and feedback regarding effective application of transparency rules and whether the provisions in MiFID II/R have delivered on their objectives. ESMA also sought out reaction to its liquidity assessment. In particular, whether it is appropriate to move to the next stage of liquidity assessment, e.g. lowering the required number of average daily bond trades.

ESMA’s findings will be submitted in a report to the European Parliament and to the Council on the impact in practice of the transparency obligations.

ICMA welcomed the opportunity to provide ICMA member (buy-side, sell-side and trading venue) consensus feedback to ESMA. Of particular interest to members in responding to this MiFID II/R  transparency consultation were: pre- and post-trade transparency, verifiable data sets and resultant data and liquidity assessment methodology. ICMA responded solely in relation to cash bonds.

View the response.

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