Controversial auction systems face regulatory intervention in Europe if ESMA finds the mechanism does not operate in the spirit of MiFID II.
Tag: Steven Maijoor
Decision on tightening of periodic auctions due in coming months as MiFID II loophole concerns linger
ESMA will publish its findings on periodic auctions in the coming months and will make a decision on whether to recommend changes to how they operate.
ESMA chair Steven Maijoor says watchdog is carrying out a ‘fact-finding’ exercise on periodic auctions and highlights competitive advantage for SIs.
Final benchmark regulatory text has been submitted to the European Commission for approval within three months.
Threshold for trading venues will determine which are subject to consolidated tape rules.