A new draft report on Mifid II amendments confirms plans to ban payment for order flow (PFOF) in Europe, as well as removing dark pool caps and supporting a pre-trade consolidated tape, among others. The TRADE explores these legislative updates in detail to provide a comprehensive summary of the proposed changes.
Several documents published by the UK government outlined major plans, including details on the sweeping changes to MiFID II requirements.
Barclays Bank SI was not only the largest SI in 2019 but also the largest venue in the bond market, ESMA’s EU market securities report stated.
Statistical analysis from ESMA has revealed the Goldman Sachs SI was the largest in Europe and the second largest venue in 2019 after Cboe Europe’s MTF.
ESMA has made several recommendations in its report on the MiFID II review, but a poll from Rosenblatt Securities suggests the buy-side is not quite on the same page as the regulator.
Analysis by the AMF found just 22% of the amounts traded by SIs in the continuous trading phase are subject to pre-trade transparency.
European regulators have been told not to prioritise supervision of the changes to systematic internalisers amid the coronavirus pandemic.
An analysis from TABB Group has found dark trading volumes are the highest since MiFID II was introduced, despite summer slowdown.
Vela’s data feed handling service aims to consolidate fragmented liquidity in Europe.
Market participants at TradeTech have agreed that trading volumes have failed to shift to lit venues under MiFID II, but the regulation has led to unintended positive developments in the form of periodic auctions.