The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) regulate the provision of investment services in respect of a multitude of financial instruments traded on regulated trading venues as well as OTC.
The new legal framework entered into force on 1 July 2014. Various provisions must be transposed into national law by July 2016, while the detail regarding others is to be further specified in additional rules developed by the European Securities and Markets Authority. Application is planned for January 2017.
The impact of the MiFID II / MiFIR rules is far-reaching and will have a significant impact on the EU’s financial markets. These include market structure changes; transparency requirements for a broader range of asset classes; the obligation to trade certain derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new requirements for commodity derivatives.
CME Group is currently evaluating the impact of the MiFID II/MiFIR reforms on our European infrastructure.
For more information about this regulatory reform: