04 October 2018

ESMA（欧州証券市場機構）、MiFID２（第2次金融商品市場指令）・MiFIR（金融商品市場規則）における市場構造規制と透明性要件に関するQ&Aを更新

The new Q&As provide clarification on the following topics:

•               Classification of derivatives on derivatives for transparency purposes;

•               Default liquidity status of bonds (amendment to an existing Q&A);

•               Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR;

•               Market Making activities and incentives to be provided during stressed market conditions;

•               Treatment of bulk quotes for the calculation of the Order to Trade Ratio;

•               Scope of Article 17(6) of MiFID II and Chapter IV (Articles 24-27) of Delegated Regulation (EU) 2017/589 (RTS 6);

•               Arranging of transactions that are ultimately formalised on another trading venue;

•               Registration of a segment of an MTF as an SME growth market; and

•               Maker Taker schemes.

Q&As regarding market structure

Q&As regarding transparency issues

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