Articles tagged with: ETFs

RTS 1: Equity and Equity Like Transparency

MiFID II prescribes a series of refinements to transparency in equity and equity like instruments. In many cases it either adapts existing concepts (for example, reducing the maximum time that a trade must be published within) or introduces new concepts such as Approved Publication Arrangements (APAs).

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RTS 2: Non Equity Transparency

MiFID II introduces comprehensive pre- and post-trade transparency obligations for a wide range of asset classes outside of equity and equity like instruments. Collectively, the new asset classes in scope for transparency are known as "non-equity instruments". Details of transactions must be published, with some deferrals permitted, and firms that are classified as Systematic Internalisers must publish quotes.

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RTS 8: Market Making

With the implementation of MiFID II, all firms pursuing an algorithmic market making strategy in a symbol on a trading venue, will be required to sign up to a monitored market making agreement in said symbol on that venue.

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RTS 9: Unexecuted Order to Transaction Ratio

MiFID II/R requires Cboe to establish a maximum unexecuted order-to-transaction ratio ("Order to Trade Ratio" or "OTR") as one of its controls to prevent disorderly trading conditions. Cboe will implement the OTR on a symbol-by-symbol basis.

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RTS 11: Tick Sizes

All MiFID symbols will move to the prescribed tick sizes on the implementation date. Subject to feedback, symbols currently outside the scope of MiFID (within scope under MiFID II) may be migrated to the prescribed tick tables ahead of implementation date. The tick size requirement will apply to limit prices on orders. It will not apply to executions.

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RTS 14: Data Disaggregation

MIFID I, introduced the concept of "reasonable commercial basis" in relation to the provision and sale of market data. Furthermore, MiFID II requires that all trading venues provide pre-trade and post-trade data in an 'unbundled' fashion. Venues will be required to disaggregate their data by the criteria documented in RTS 14.

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