On 3 June 2019, the European Securities and Markets Authority (ESMA) published updated Q&As on MiFID II and MiFIR transparency topics. The updated Q&As contain a number of modified Q&As on: general transparency topics; pre-trade transparency waivers; double volume cap; and the systematic internaliser regime. Two new Q&As are also inserted relating to:

  • the voluntary systematic internaliser regime; and
  • quoting obligations for systematic internalisers in non-TOTV instruments.