On 12 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on market structures and transparency issues under MiFID II and MiFIR. The updated Q&As provide clarification on the following topics:

• the use of pre-arranged transactions for non-equity instruments;
• the hedging exemption of Article 8 of MiFIR;
• the treatment of constant maturity swaps; and
• the application of the tick size regime to periodic auction systems.