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MiFID II/MiFIR

Revised Markets in Financial Instruments Directive (MiFID II/MiFIR)

The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) 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.

Objective

The new Directive and Regulation will fundamentally transform the European securities market by expanding transparency provisions, strengthening the stability and integrity of the 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 improving the quality and availability of market data.

Time line

The Directive and Regulation (Level 1) entered into force on 1 July 2014. The provisions must be transposed into national law by 3 July 2017. The German Bundestag passed the Second Financial Market Amendment Act on 23 June 2017. Since 3 January 2018, the regulations have had to be applied.

MiFID II/MiFIR: the highlighted parts of the value chain are affected

Capital Markets Union Action Plan

Deutsche Börse is looking forward to the European Commission’s new Capital Markets Union (CMU) Action Plan to be published soon. Progressing on the CMU is not only decisive for delivering Europe's New Green Deal and Digital Agenda, but also to support a healthy and sustainable post-pandemic recovery.

MiFID II entered into force and EEX is there to help you.

All derivatives contracts are effected and that leads to increased reporting requirements for you. We have built up a unique compliance service framework to meet MIFID II requirements with minimal effort.

Obtain your LEI now!

EU regulations, such as MiFID II/MIFIR, will mandate both EU and non-EU market participants to obtain LEIs. Why not use our new and simplified LEI issuance process?

Well-prepared for MiFID II with Deutsche Börse Group

Read Eurex’s latest paper on the impact of MiFID II/MiFIR on the derivatives market, in particular on market structure. 

MiFID II: a reform, not a review

The white paper maps out the key changes and elements of MiFID II. The most immediate point is the demand upon information gathering.

Videos and webcasts on regulatory topics

Deutsche Börse has developed a series of informative videos and webcasts that provide useful information about the regulatory process.

MiFID II and MiFIR

We provide you with information on the changes to the transparency requirements for pre-trading and post-trading.

Fit for MiFID? Workshop slides now online!

Fit for MiFID

In case you couldn’t join our events across Europe and the US, here are our workshop slides to keep you up to date.

Legal basis

Find the most recent legal text on this regulation here.

Related topics

Regulatory services on our Market Data + Services website
EU Official Journal RTS 4: Criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation
EU Official Journal RTS 16: Access in respect of benchmarks
EU Official Journal RTS: Information for registration of third-country firms and the format of information to be provided to the clients

Further information

MiFID II solutions
Börsen-Zeitung: MiFID II – not yet fully implemented and already under construction [PDF, 206.27 kB]
July 2017: Deutsche Börse Group Response to the ESMA Consultation Paper 70-156-71 ‘The trading obligation for derivatives under MiFIR’ [PDF, 387.30 kB]
January 2017: Reply form for the Consultation Paper on the Guidelines on specific notions under MiFID II related to the management body of market operators and data reporting services providers  [PDF, 728.52 kB]
January 2017: Reply form for the Consultation Paper on draft RTS on package orders for which there is a liquid market [PDF, 433.01 kB]
January 2017: Reply form for the Consultation Paper on the Guidelines on specific notions under MiFID II related to the management body of market op-erators and data reporting services providers [PDF, 399.66 kB]
January 2017: Reply form for the Consultation Paper on draft RTS on package orders for which there is a liquid market [PDF, 389.24 kB]
December 2016: Reply form for the Consultation Paper on RTS specifying the scope of the consolidated tape for non-equity financial instruments  [PDF, 395.92 kB]
December 2016: Deutsche Börse Group Reply form for the Consultation Paper on the Guidelines on the calibration, publication and reporting of trading halts  [PDF, 597.79 kB]
October 2016: Reply form for the Consultation Paper on the Guidelines on the calibration, publication and reporting of trading halts [PDF, 318.64 kB]
September 2016: Reply form for the Discussion Paper on the trading obligation for derivatives under MiFIR [PDF, 354.98 kB]
April 2016: EEX Group responds to ESMA’s public consultation on MiFID II guidelines on transaction reporting, reference data, order record keeping and clock synchronization
March 2016: Deutsche Börse Group response to ESMA addendum consultation paper on “Guidelines on transaction reporting, reference data, order record keeping and clock synchronisation” [PDF, 336.52 kB]
December 2015: Eurex Clearing response to ESMA consultation paper on indirect clearing arrangements under EMIR and MiFIR [PDF, 192.64 kB]
October 2015: Deutsche Börse Group response to ESMA Consultation Paper on Draft Implementing Technical Standards under MiFID II [PDF, 282.17 kB]
October 2015: Deutsche Börse Group response to ESMA Consultation Paper on Draft Implementing Technical Standards under MiFID II - Annex [PDF, 13.72 kB]
March 2015: Deutsche Börse Group response to EMSA addendum consultation concering the review of MiFID II/MiFIR [PDF, 378.71 kB]
March 2015: Responses of Deutsche Börse Group on ESMA MiFID II Consultation Paper [PDF, 1.75 MB]
March 2015: Responses of Deutsche Börse Group on ESMA MiFID II Consultation Paper - Annex [PDF, 7.83 MB]
August 2014: Responses of Deutsche Börse Group on ESMA MiFID II Consultation Paper [PDF, 728.47 kB]
August 2014: Responses of Deutsche Börse Group on ESMA MiFID II Discussion Paper [PDF, 1.87 MB]
April 2012: Eurex Clearing Response to ESAs’ discussion paper on Draft Regulatory Technical Standards on risk mitigation for OTC derivatives not cleared by a CCP under the Regulation on OTC Derivatives, CCPs and Trade Repositories [PDF, 68.95 kB]
January 2012: Deutsche Börse Group's response to the questionnaire on the “Review of the Markets in Financial Instruments Directive” by Markus Ferber (Member of the European Parliament) [PDF, 283.15 kB]
February 2011: Deutsche Börse Group's response to the consultation on the Review of the Markets in Financial Instruments Directive [PDF, 327.17 kB]
September 2010: MiFID: Spirit and Reality of a European Financial Markets Directive - Research report by the Chair of e-Finance of the Goethe University Frankfurt and Celent [PDF, 972.96 kB]

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