E.U. – ESMA MiFID II Transparency FAQ

E.U. – ESMA MiFID II Transparency FAQ

On 29 May 2020, ESMA issued FAQ on transparency, market structures.

SSTI and LIS Thresholds

  • Provide clarification on following topics: default liquidity status, SSTI, LIS thresholds of non-equity instruments; publication of transactions in an aggregated form.
  • Conversion of LIS/SSTI thresholds in lots (modification); and on multilateral systems facilitating the execution of repurchase agreement (repo) transactions.
  • Market structures: multilateral & bilateral systems - new Q9b on authorization of multilateral systems facilitating execution of repurchase agreement transactions.
  • Transparency: non-equity transparency - modified Q19 on conversion of LIS/SSTI thresholds in lots; new Q20 on default liquidity status, SSTI and LIS thresholds of non-equity instruments; and new Q21 on publication of transactions in an aggregated form.