ESMA has added four new answers to the Q&A on market structures topics, which relate to:
• Direct electronic access (DEA) and algorithmic trading, in particular the Article 2(1)(d) exemption and authorisation requirements;
• Whether the mandatory tick size regime applies to both orders and quotes; and
• Whether a client relationship exists between two counterparties that trade on a trading venue.
ESMA has also updated its Q&A on commodity derivatives topics with twelve new answers to clarify questions on:
• Position limits;
• Ancillary activity; and
• Position reporting.
Finally, ESMA has updated its Q&A on transparency topics with new answers on:
• Equity transparency;
• Non-equity transparency;
• Pre-trade transparency waivers;
• The systematic internaliser regime;
• Data reporting services providers; and
• Third country issues.
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