Q&A · ESMA
Questions and Answers On MiFID II and MiFIR market structure topics
Legacy Q&A document
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ESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Details
| Reference | ESMA70-872942901-38 |
|---|---|
| Issuer | ESMA |
Provisions it relates to
- Article 1 MiFID II · ScopeESMA rulebook
- Article 2 MiFID II · ExemptionsESMA rulebook
- Article 3 MiFIR · Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsESMA rulebook
- Article 4 MiFIR · Waivers for equity instrumentsESMA rulebook
- Article 4 MiFID II · DefinitionsESMA rulebook
- Article 5 MiFID II · Requirement for authorisationESMA rulebook
- Article 6 MiFID II · Scope of authorisationESMA rulebook
- Article 7 MiFID II · Procedures for granting and refusing requests for authorisationESMA rulebook
- Article 8 MiFID II · Withdrawal of authorisationsESMA rulebook
- Article 15 MiFID II · Initial capital endowmentESMA rulebook
- Article 12 MiFIR · Obligation to make pre-trade and post-trade data available separatelyESMA rulebook
- Article 15 MiFIR · Execution of client ordersESMA rulebook
- Article 17 MiFID II · Algorithmic tradingESMA rulebook
- Article 18 MiFID II · Trading process and finalisation of transactions in an MTF and an OTFESMA rulebook
- Article 19 MiFID II · Specific requirements for MTFsESMA rulebook
- Article 20 MiFID II · Specific requirements for OTFsESMA rulebook
- Article 23 MiFID II · Conflicts of interestESMA rulebook
- Article 27 MiFID II · Obligation to execute orders on terms most favourable to the clientESMA rulebook
- Article 25 MiFIR · Obligation to maintain recordsESMA rulebook
- Article 33 MiFID II · SME growth marketsESMA rulebook
- ESMA rulebook
- Article 27b MiFIR · Requirement for authorisationESMA rulebook
- Article 27c MiFIR · Authorisation of data reporting services providersESMA rulebook
- Article 27d MiFIR · Procedures for granting and refusing applications for authorisation of ARMs and APAsESMA rulebook
- Article 27e MiFIR · Withdrawal of authorisationESMA rulebook
- Article 41 MiFID II · Granting of the authorisationESMA rulebook
- Article 44 MiFID II · Authorisation and applicable lawESMA rulebook
- Article 48 MiFID II · Systems resilience, circuit breakers and electronic tradingESMA rulebook
- Article 29 MiFIR · Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearingESMA rulebook
- Article 49 MiFID II · Tick sizesESMA rulebook
- Article 53 MiFID II · Access to a regulated marketESMA rulebook
- Article 35 MiFIR · Non-discriminatory access to a CCPESMA rulebook
- Article 38 MiFIR · Access for third-country CCPs and trading venuesESMA rulebook