The Council of the European Union has confirmed that it has adopted changes to EU trading rules in the Markets in Financial Instruments Regulation (“MiFIR”) and the Markets in Financial Instruments Directive (“MiFID II”)...more
Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more
The Financial Services and Markets Act 2023 (“FSMA 2023”) became law on 29 June 2023, with its principal objective stated in Section 1 being the revocation and replacement of EU laws that were retained and on-shored into the...more
UK regulator follows the European Securities and Markets Authority in clarifying the scope of the trading venue perimeter. On 5 July 2023, the FCA published its Policy Statement (PS23/11) containing final guidance on the...more
New ESMA guidance less strict than the established UK position on PFOF. On 13 July 2021, ESMA published a statement on payment for order flow (PFOF), the practice of brokers receiving payments from third parties for...more
Proposals signal that the UK government is willing to diverge significantly from EU rules. On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more
However, ESMA’s proposed changes are less sweeping than required to achieve this aim. Should the Brexit transition period end without a UK equivalence decision, ESMA has issued guidance to limit the impact on the trading...more
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has returned. ...more
The European Securities and Markets Authority has published an opinion on frequent batch auctions and the double volume cap mechanism. The opinion follows ESMA’s report, published in June this year, reviewing firms’ use of...more