Certificate for passing the MiFID II Ancillary Activity Tests

can-I-trade-in-financial-instruments-as-from-2018

MiFID II position limits exposures in contracts traded outside of Europe do not qualify for netting

Systematic internaliser can stream prices to clients

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Investment firms must set up all necessary infrastructure to be able to carry out calculations of the investment firm's position versus systematic internaliser's thresholds within two weeks after the publication by ESMA of the EU-wide reference data.

 

 

MiFID II reporting rules force the functions of risk committees to be reconsidered.

 

 

Under MiFID II secondary legislation the nature of any algorithm or program used to determine the matching and execution of trading interests is going to be routinely revealed to competent authorities.

 

 

Physical forwards can still be used under MiFID II by commodity producers in bilateral contracts. Most of them will not be captured by the financial instruments' strict legal requirements. 

 

 

Traders in physically settled energy forwards will not be required to hold a MiFID II licence when trading on OTFs' markets.


According to recent European Commission Delegated Regulation, in order to remain within the scope of this exemption licenses to operate in the energy physical markets or adequate production, storage or consumption facilities will not be necessary.

 

 

MiFID II has not entered into force yet, but already became substantially amended. What has changed? Key issue - exemptions.

 

 

1,500 vs. 28 - this is the scale of discrepancy between the volumes of position limits frameworks in the EU and the US.