5.II.1.2.1 Financial instruments

The scope of MiFID II is broader than of MiFID I. The MiFID I equity pre-trade transparency regime was confined to shares admitted to trading on an RM.1 The MiFID II equity pre-trade transparency rules for RMs and MTFs applies to: (a) shares, depositary receipts, ETFs, certificates and other similar financial instruments (equity) (b) traded on a trading venue (RM or MTF).2 MiFID I was limited to shares admitted to trading on an RM. By contrast, under MiFID II all equity trading conducted on RMs and MTFs is now subject to the MiFID II equity pre-trade transparency regime.3 Whether to keep certificates within the MiFID II equity pre-trade transparency regime is part of the MiFID II Review (see section VII).

MiFID II covers no Member State option to expand the equity pre-trade transparency obligations to other financial instruments than prescribed under MiFID II. The latter was permitted under MiFID I (which was confined to shares).4 A Member State option under MiFID II does not appear necessary, given that the MiFID II term ‘equity instrument’ also includes ‘other similar financial instruments’.5