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ESMA guidance on Mifid II comes just in time 

November 8, 2016

Giles Kenwright, FT Advisor

ESMA’s latest Q&A on Mifid II is very timely, as market participants face a race against the clock just over a year out from implementation. 

Hot on the heels of the FCA’s consultation paper at the start of this month, ESMA Q&A guidance for Mifid II undoubtedly removes a good chunk of ambiguity.

Until now, the previously released RTS documents, which outlined the conceptual framework for Mifid II, were often far too vague to allow business or technical solutions to be implemented.

Thankfully, these new guidelines provide much needed clarification with illustrative examples. Take the heatedly debated clock sync requirements.

Previous RTS documents merely talked about the need for trading venues and their members/participants to synchronise business clocks used to record the date and time of any “reportable event”. There was just one thing missing – they didn’t define exactly what such an event may be. Read more

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