The European Commission and ESMA have overhauled the MiFID II and MiFIR regulations including moves to reduce dark volume caps to 7% and discourage volumes from SIs.
The buy-side are being urged to prepare for the introduction of the mandatory buy-in regime, despite there being potential for a two-to-three-year delay in the controversial aspect of a new regulation.
The proposed changes come as part of the benchmark transition away from EONIA and LIBOR and onto new alternative risk-free rates benchmarks such as €STR.
A delay of the controversial buy-in rule continues to be considered, but without any action, unrest is setting in among market participants as deadline for implementation looms.
Incoming chair has been promoted to the position after serving as executive director at ESMA for the last decade.
According to Cboe Europe’s head of equities, ESMA and the UK are aligned in their approach to how venues should communicate outages to ensure market resiliency.
The markets regulator has set out proposed changes to streamline current MiFID II reporting requirements under RTS 27 and RTS 28.
Delay suggested to avoid a collision with the final EC legislative proposal for the review of CSDR and the expected entry into force of the current CSDR settlement discipline regime.
The fine relates to eight breaches of the regulation surrounding the trade repository’s failure to ensure the integrity of data and give regulators direct and immediate access.
Figures from ESMA show penalties issued in relation to breaches of MiFID II by regulators in Europe rose from €1.8 million in 2019 to €8.4 million in 2020.