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Latest MiFID and MiFIR compromise texts implement EMIR

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 Regulation (EMIR):

·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:



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