Regulatory Alerts2018-09-21
ESMA Opinion on MiFID II RTS 1
The European Securities and Markets Authority (ESMA) issued an opinion agreeing to amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) regarding transparency requirements for trading venues and investment firms. This opinion specifically endorses the European Commission's proposal to limit the application of tick sizes for systematic internaliser quotes to shares and depositary receipts, diverging from ESMA's initial broader scope for all equity and equity-like instruments. The agreed changes ensure that systematic internaliser prices for these specific instruments reflect prevailing market conditions by respecting minimum price increments, alongside other technical adjustments to RTS 1.
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