ESMA updates its Q&As on MIFID II and MIFIR

Nov 15th '18

ESMA updates its Q&As on MIFID II and MIFIR market structure and transparency topics.

The European Securities and Markets Authority (ESMA) has updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&As provide clarification on the following topics:

  • Making data available free of charge 15 minutes after publication (amendment to an existing Q&A);
    • Obligations applicable to systematic internalisers in non-TOTV instruments;
    • Definition of RFQ systems;
    • Pre-trade transparency in RFQ systems;
    • Concept of comparable size in market making agreements and voluntary provision of liquidity.


The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provide responses to questions posed by the general public and market participants in relation to the practical application of level 1 and level 2 provisions relating to transparency and market structures issues.

ESMA will continue to develop these Q&As in the coming months and will review and update them where required.

Source: ESMA