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    ESMA Offers Updates to Co-Legislators on MiFID II Implementation

    June 28, 2017

    ESMA sent a letter to the European Parliament, Commission, and Council updating them on the implementation of ESMA’s IT projects regarding the second Markets in Financial Instruments Directive (MiFID II). ESMA will deliver a specific IT infrastructure for the implementation of MiFID II on January 03, 2018. The ESMA letter also provides a timeline for the implementation of the different elements of its MiFID II IT infrastructure.

    In the letter, ESMA states that it is six months ahead of the MiFID II/Markets in Financial Instruments Regulation (MiFIR) coming into force and is pleased to inform that the related ESMA IT projects are developing according to the planned time schedules and in line with the January 03, 2018 start date. ESMA will also publish in the coming days, market size calculations for MiFID II’s ancillary test as well as transitional transparency calculations. The IT infrastructure to be delivered by ESMA will include pan-European IT systems, which will allow the:

    Reception and publication of reference data

    Computation and publication of various liquidity assessments and thresholds to be used for the new transparency and tick size regimes

    Implementation of the double volume cap mechanism

    Coordination of suspensions from trading

    Exchange of transaction reports

     

    Related Links

    Press Release

    ESMA Letter (PDF)

    Keywords: Europe, ESMA, MiFID II, MiFIR, Securities, IT Implementation

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