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The state of implementation of MIFID II and preparing for Brexit

WFE Annual Meeting 2018 - Hotel Grande Bretagne, Athens, Greece

Will there be a centralised EU reference and trading data facility for equities ready by end of 2019?

K&KGC would like to bring attention to a recent announcement by Steven Maijoor, Chair, European Securities and Markets Authority on the 3rd October 2018.

3 OCTOBER 2018

...“Following an agreement with EU NCAs, ESMA has developed a central facility in relation to instrument reference and trading data. This facility receives data from trading venues and approved publication arrangements (APAs), that report OTC-transactions from across the EU, either directly from these entities or from the NCAs, and performs all the calculations based on that data. We therefore provide a one-stop shop solution for all EU market participants and this avoided the costly development of similar systems in every single EU Member State.“...

After discussing the meaning of this text with one of K&KGC’s contacts located in Brussels, this is referring to the 15 minute delayed trade reporting data that is regulated to be available for free to market participants. ESMA’s ambition is to try to get this ready and available for equities by fourth calendar quarter of 2019. At this point of time there are no other schedules proposed for other asset classes. With the pending implications of Brexit, K&KGC will not make any conclusions to what extent UK trade reporting will be included in this central repository.


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