Forthcoming events

Forthcoming Events

CEPS - Centre for European Policy Studies, 1 Place du Congrès/Congresplein, 1000 Brussels

In the year since its introduction, the second Markets in Financial Instruments Directive (MiFID II) has triggered structural changes and operational challenges in EU markets. On the structural side, there are now many more Organised Trading Facilities (OTFs) and Systematic Internalisers (SIs); some business such as in commodity derivative contracts has relocated from EU to US venues; and the market’s microstructure is altering (e.g. periodic auction and RFQ systems). Moreover, there are operational challenges regarding best execution (quality of data, monitoring activities/practices); transaction reporting (balance between quality, accuracy and completeness); research unbundling (balance between price, allocation and quality); transparency (dark pools vs lit trading venues and impact on liquidity).