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ESMA updates Q&As on market structures, transparency and commodity derivatives topics under MiFID II

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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