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Prior to Brexit, the UK FCA was proactive in pursuing enforcement actions under MiFID 2, especially concerning the accurate and timely reporting of transactions. [24] The FCA brought numerous cases involving serious infringements to MiFD 2 before British courts, which usually resulted in the imposition of fines on major financial institutions ...
[1] [2] These reports contribute to increased transparency in over-the-counter (OTC) markets by disseminating both pre-trade quotes and post-trade transaction data. The MiFID II directive, which came into force in January 2018, mandates the use of APAs to enhance transparency in OTC markets.
The Article 4(1)(20) of Directive 2014/65/EU (MiFID II) considers "investment firms dealing on own account when executing client orders over the counter (OTC) on an organised, frequent, systematic and substantial basis" systematic internaliser and requires them to report their trades. [2]
Regulation No 600/2014/EU on markets in financial Instruments known as MIFIR: it builds on MIFID 2 and takes into consideration the lessons from the 2008 crisis to establish uniform requirements on the following: i) disclosure of data to the public; ii) reporting of transactions to competent authorities; iii) trading of derivatives on organised ...
MiFID II classified three types of trading venue: A regulated market (RM) run by a market operator; A multilateral trading facility (MTF) An organised trading facility (OTF) Permission to run any of the three types of service was required from an appropriate regulator, with the existing exchanges registering as regulated markets.
Stock market equivalence is granted by the European Union to those countries whose stock markets are deemed to be 'equivalent' to those of the EU countries. On 3 January 2018, the EU implemented the "Markets in Financial Instruments Directive II" (colloquially known as "MiFID II") which required all European investment firms & traders to trade the shares of a company listed in the EU on a ...
In addition, the lag between the trade and ultimate settlement of the transaction may include various events that affect various elements of the transaction. Efforts to standardize reference data are complicated by a number of factors, including: Semantic differences in common terminology; The sheer number of data elements that make up transactions
The European Market Infrastructure Regulation (EMIR) is EU regulation for over-the-counter (OTC) derivatives, central counterparties and trade repositories. [3] EMIR was introduced by the European Union (EU) as implementation of the G20 commitment to reduce systemic, counterparty and operational risk, and increase transparency in the OTC derivatives market. [4]