EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.2.4.3:5.II.2.4.3 Background

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.2.4.3

5.II.2.4.3 Background

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The MiFID II large in scale waiver is a legacy from MiFID I. The EU regulator considered the large in scale-waiver for orders still justified in order reduce market impact and volatility.1 The main issues from MiFID I to MiFID II concerned the details of the large in scale-waiver, in particular (1) the calibration of the thresholds and (2) clarifications on the scope. The details were drafted on Level 2. CESR/ESMA assisted the Commission in drafting the measures.

5.II.2.4.3.1 Level 2 text: calibration of the thresholds5.II.2.4.3.2 Level 2 text: clarifications on the scope (stubs)

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