Members of the MiFID II Working Group (WG) are typically buy-side heads of trading desks, sell-side senior traders or heads of market structure and senior representatives from trading venues and technology providers. A few legal experts join in discussions from time to time as well. The WG meets to respond on behalf of ICMA members to EU Commission, ESMA or various member state public consultations. In addition, the WG meets to discuss specific issues regarding MiFID II/R implementation or planned updates. In those meetings, potential consequences (intended or unintended) of proposed regulations are discussed and then an advocacy strategy is agreed and put forward.

  • The objectives of MiFID II/R are to increase market transparency, efficiency and safety by bringing the majority of non-equity products into a robust regulatory regime and moving a significant part of OTC trading onto regulated platforms.

  • MiFID II/R and Fixed Income: an overview
    Includes MiFID II’s pre- and post-trade transparency requirements (including SI Regime), current MiFID II/R market structure, best execution reporting obligations, and research dynamics.

  • See also: MiFID II/R implementation (covering primary markets, secondary markets, repo markets and asset management).

  • See ESMA's website for useful bond transparency ESMA reference data.

A full list of MiFID II/R briefing notes, papers and consultation responses can be found on ICMA’s MiFID II website page.


Andy Hill
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
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