The EU Presidency has published track changes notes to the latest MiFID II / MiFIR compromise texts. The latest changes which mainly relate to MiFIR reflect implementing the EU’s G20 commitments and ensuring consistency with the European Markets Infrastructure
·Specifying that broker crossing systems should fall within the Organised Trading Facility (OTF) category rather than within the Multilateral Trading Facility (MTF) or Systematic Internalisers (SI) categories as previously suggested;
·Requiring investment firms to undertake all trading activity in liquid instruments on a regulated market, MTF, OTF or SI unless there is a legitimate reason for it to be concluded outside one of these venues; and
·Providing new detail on CCPs aimed at ensuring non-discriminatory access to trading venues.
Related link on MiFID II: