Your Guide to MIFID II/MIFIR Transparency

Since its passage in 2018, MiFID II has significantly expanded regulatory requirements with far-ranging effects on financial instruments and financial professionals within the EU. Eighteen months later, investors are still struggling to understand the details of this complex set of rules.

The MiFID II/MIFIR Transparency Guide offers a comprehensive overview of arguably the most complex suite of rules within MiFID II / MIFIR, the transparency requirements, including the pre- and post-trade public disclosure rules and certain obligations to trade on trading venues. This guide provides an outline of the legislation, insight into its application in practice and analysis of the regime’s evolution since MiFID II went live and what to expect in the future, including the prospect of MiFID III.

This 40-page guide covers:

• An overview of the transparency requirements
• The application and scope of the transparency requirements
• A guide to the exemptions, waivers, and deferrals including dark pool volume caps
• A preview of emerging alternative liquidity sources such as frequent-batch periodic auctions
• Systematic internalisers
• The trading obligation
• Transparency data