ESMA consults on the review of the Markets in Financial Instruments Regulation (MIFIR)

Review of MIFIR and MIFID II

In 2022, the European Commission adopted two legislative proposals for the review of the Markets in Financial Instruments Regulation (MIFIR) and the second Markets in Financial Instruments Directive (MiFID II). The review focused on amendments aimed at improving transparency and the availability of market data, improving the level-playing field between execution venues as well as ensuring that EU market infrastructures can remain competitive at an international level.

Public consultations

During the implementation phase of the MiFIR and MiFID II review, ESMA is consulting the public on a range of technical standards.

The first consultation runs from 21 May until 28 August 2024 and deals with transparency requirements for trading venues, investment firms and APAs, for transactions in non-equity instruments, such as bonds and derivatives; the costs that trading venues, CTPs, APAs and investment firms are allowed to charge for the provision of trading data, such as buy and sell prices; and requirements for trading venues and designated publishing entities to enable the use of reference data for transparency purposes.

The second consultation runs from 23 May until 28 August 2024 and deals with the data that trading venues and approved publication arrangements will be required to submit to the consolidated tape provider (CTP) for bonds and the consolidated data that the CTP for bonds will be required to publish; the methods for calculating the amount or revenue that CTPs will need to redistribute to trading venues; and the criteria against which applicant CTPs will be assessed in the procedure for the selection of a single CTP per instrument.

The third consultation runs from 10 July until 30 September or 15 October 2024 and deals with rules on the liquidity assessment for equity instruments, equity transparency and on the volume cap; new Implementing Technical Standards on systematic internalisers; the equity Consolidated Tape Provider (CTP) in relation to the input/output data, to ensure full alignment between the transparency requirements and the CTP specifications; flags to be used in the post-trade transparency reports for non-equity instruments which were missing in the previous consultation; and new rules specifying organisational requirements of trading venues, adding new provisions on circuit breakers and with targeted amendments to adapt to the Digital Operational Resilience Act framework.

More information:
- MiFIR Review Consultation Package (non-equity trade transparency, reasonable commercial basis and reference data)
- MiFIR Review Consultation Package (Consolidated Tape Providers and Data Reporting Service Providers)
- MiFIR Review Consultation Package (equity transparency, volume cap, circuit breakers, SI, the equity CTP, flags under RTS 2)