July 06, 2017

ESMA updated its opinion on market size calculations for ancillary test under the second Markets in Financial Instruments Directive (MiFID II). The opinion was issued on June 30, 2017. The update corrects a typing error in the tables containing the estimations for the ancillary activity market size calculations. This opinion is intended to help market participants to assess whether their activities in commodity derivatives can be considered as ancillary to their main business.

Related Link: Updated Opinion on Market Size Calculations (PDF)

Keywords: ESMA, Europe, MiFID II, Ancillary Test, Securities