Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

Markets in Financial Instruments Regulation (MiFIR) and the accompanying Markets in Financial Instruments Directive (MiFID II) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues, as well as in over-the-counter (OTC) trading. The legislative acts have fundamentally transformed the European securities market by expanding transparency provisions, strengthening the stability and integrity of financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and aiming at improved quality and availability of market data.

However, in the implementation of the Regulation and the Directive, fragmentation of equity market structures has been observed against the background of the staggering number of registered execution venues in the EU which are subject to different regulatory requirements. Without establishing a level playing field and improving transparency and data quality, EU capital markets will not be able to benefit from a centrally consolidated overview of trading data which is a key objective within the legislation. In addition, the adequacy of open access provisions for exchange-traded derivatives is being questioned, taking into account that forcing the interconnectedness of systemically important financial market infrastructures in derivatives could pose threats to market integrity and stability, and hamper innovation and competition.

The Regulation and Directive have been in effect since July 2014, with the Directive provisions being transposed into national law Europe-wide by July 2017.

Following a public consultation in 2020, the European Commission proposed amendments to address some of the identified shortcomings. Due to the urgency of the COVID-19 pandemic and the need for a swift economic recovery response, the review was split into two phases. A "quick fix" package addressing a limited number of issues was implemented first. Subsequently, a broader review focusing on areas like a consolidated tape, payment for order flow restrictions, and new rules for commodity derivatives, was proposed in late 2021. This comprehensive set of amendments was formally adopted by the European Parliament and the Council in early 2024. The amendments include the introduction of an EU-wide consolidated tape for various asset classes, a ban on payment for order flow (with some exceptions and delayed application for specific countries), and measures aimed at improving investor protection, enhancing commodity markets, and fostering orderly trading conditions. Member States are required to transpose the Directive amendments into national law by September 29, 2025.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.