EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.4.2:5.VII.1.4.2 Interim conclusion
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.4.2
5.VII.1.4.2 Interim conclusion
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266810:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
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An increase in equity trading in RM closing auctions is apparent in the past few years. The increase seems not to relate, at least not at this point in time, to the MiFID II equity pre-trade transparency regime. Instead, other factors, including high liquidity and the ability to trade without presence of high frequency traders, appear to be motives for the growth. The growth is also relevant for the MiFID II equity pre-trade transparency regime. Different equity pre-trade transparency apply to periodic auctions compared to, for instance, continuous order-driven systems.1Based on input received from several respondents, ESMA proposes to monitor the development of trading on closing auctions.