On 14 November 2018, the European Securities and Markets Authority (ESMA) published two updated Q&As on:
- MiFID II and MiFIR market structures topics; and
- MiFID II and MiFIR transparency topics.
The updated Q&As on market structures topics insert a new question concerning direct electronic access and algorithmic trading. The new question enquires as to whether the requirement imposed on market markers to post simultaneous two-way quotes of comparable size restrict the ability of market makers to voluntarily post additional liquidity on either side of the order book.
The updated Q&As on transparency topics insert a new question and answer on RFQ systems and modifies a response to a question on the requirements to publish information on post-trade data 15 minutes after publication free of charge (both categorised under general Q&As on transparency topics). The updated Q&As also insert a new question and answer on the systematic internaliser (SI) regime concerning the obligations for an SI in non-TOTV instruments.