Last Updated on June 3, 2025 by Arnaud Collignon
Understanding ESMA’s Q&A on MiFID II and MiFIR Market Structures
The European Securities and Markets Authority (ESMA) has published a comprehensive set of questions and answers (Q&A) regarding the implementation of MiFID II and MiFIR, focusing on market structures. This document serves as a crucial resource for market participants seeking clarity on various aspects of these regulations.
Key Highlights from the Q&A
- Market Structure Clarifications: The Q&A addresses several fundamental questions related to the functioning of trading venues and the obligations of investment firms.
- Transparency Requirements: It outlines the transparency obligations that firms must adhere to, ensuring that market participants have access to relevant information.
- Best Execution: The document emphasizes the importance of best execution practices and provides guidance on how firms can meet these requirements.
- Systematic Internalizers: Clarifications are provided on the definition and obligations of systematic internalizers under the new regulatory framework.
Why This Matters
Understanding these guidelines is essential for compliance and effective operation within the European financial markets. The Q&A not only clarifies existing regulations but also helps firms navigate the complexities of MiFID II and MiFIR.
Access the Full Document
For a detailed understanding, you can access the full Q&A document directly from ESMA:
ESMA Q&A on MiFID II and MiFIR Market Structures
External Links
- European Securities and Markets Authority (ESMA)
- Commission de Surveillance du Secteur Financier (CSSF)
- European Union Official Website
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