multilateral trading facilities

On August 1, the European Securities and Markets Authority (ESMA) published the first tranche of data for market participants to determine whether they are systematic internalizers (SIs) in equities, equity-like instruments and bonds under the revised Markets in Financial Instruments Directive (MiFID II).
Continue Reading ESMA Publishes First Systematic Internalizer Calculations Data for Investment Firms Under MiFID II

On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II activities (such as operating an organized trading facility (OTF)), or if they will become newly authorized under MiFID II and need to passport after January 3, 2018.
Continue Reading FCA Publishes MiFID II Passporting Forms

On February 24, the International Swaps and Derivatives Association Inc. (ISDA) published Principles for US/EU Trading Platform Recognition (Principles), which set out certain key principles and policy considerations that ISDA believes should facilitate comparability determinations and mutual recognitions between US and EU execution platforms. Notably, the Principles are primarily addressed to the US Commodities Futures Trading Commission (CFTC) in respect of the CFTC’s comparability assessment of the EU regulatory framework applicable to regulated markets (RMs), multilateral trading facilities (MTFs) and organized trading facilities (OTFs).
Continue Reading ISDA Publishes Principles for US and EU Trading Platform Recognition