The FCA,. PRA and BoE have also published a series of consultation papers on the future trading relationship MiFID trading obligation for shares (which. 31 May 2019 As the FCA notes in its response that whilst this is welcome, simply because a share has an EU ISIN does not mean its main pool of liquidity is in  RTS and ITS feature, in particular, in the MiFID 2 provisions relating to trading venues and DRSPs. 1.1.4 You can be subject to a MiFID or MiFIR requirement, 

ESMA continues to encourage the FCA to clarify its position on the application of the UK STO well ahead of the current Brexit deadline of October 31, 2019. 29 May 2019 ESMA announced that it will only consider shares issued by EU 27 firms as falling within the EU 27 STO . Derivative Trading Obligation (DTO) The following are examples of behaviour that may amount to insider dealing under the Market Abuse Regulation, but are not intended to form an exhaustive list:5 (1) [deleted]5 (2) front running/pre-positioning - that is, a transaction for a person's own benefit, on the basis of and ahead of an order (including an order relating to a bid)4 which he is to carry out with or for another (in respect The European Securities and Markets Authority (ESMA) has updated today its Question and Answers (Q&As) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II). Today’s update clarifies the application of the trading obligation for shares to trade certain instruments on-venue. The European Securities and Markets Authority (ESMA) has issued today its final draft Regulatory Technical Standard (RTS) implementing the trading obligation for derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA’s draft RTS provides the implementing details for on-venue trading of interest rate swaps (IRS) and credit default swaps (CDS).

Absent any decision or guidance from the FCA or HM Treasury, UK firms would be required to trade dual-listed shares on UK venues. The share trading obligation. The share trading obligation requires firms to ensure the trades it undertakes in shares admitted to trading on a regulated market or traded on a trading venue take place on:

1 Feb 2019 Despite the recent announcement by ESMA and the FCA, the exact text of the “ The EU trading obligation applies to shares listed on both  30 Apr 2019 On 17 April, the FCA published its Business Plan for 2019/2020, setting out its He cites the specific example of the MiFID II trading obligation  19 Apr 2018 While there is scope for the FCA to diverge slightly from the EU in If a firm is an SI, it has an obligation to make pre-trade quotes public via an  21 Mar 2019 Authority of the UK (FCA) published their statement in response to ESMA's release and acknowledged that competing trading obligations pose 

Before reviewing a handful of RegTech solutions to trading obligations, it is worth The FCA stated on Friday that UK firms must continue to comply with EU 

Exemption of the Bank of England from the pre- and post-trade transparency requirements (MiFIR) FCA statement on share trading obligations 19 May 2019 that others don't? If you do forex, better start trading here! FCA Regulated Brokers' Commitment Towards Protection Of Client Funds. fca-regulation FCA is  16 Sep 2019 Share Trading Obligation. The FCA is still considering all options with respect to how it might apply a UK STO in a no deal/no equivalence  6 Jan 2020 In March 2018, the FCA carried out a retail banking product (despite the ongoing issues around the share and derivative trading obligation). It should also be noted that the chosen place of delivery affects the obligations of loading and unloading the goods at that place. If delivery occurs at the seller's  Before reviewing a handful of RegTech solutions to trading obligations, it is worth The FCA stated on Friday that UK firms must continue to comply with EU 

23 Jan 2020 Nausicaa Delfas, FCA. The share trading obligation has already caused a clash between the UK and the European Securities and Markets 

23 Oct 2019 This letter sets out issues which we believe fall into the FCA's domain, While the mandatory trading obligation is related to the EMIR  The FCA,. PRA and BoE have also published a series of consultation papers on the future trading relationship MiFID trading obligation for shares (which. 31 May 2019 As the FCA notes in its response that whilst this is welcome, simply because a share has an EU ISIN does not mean its main pool of liquidity is in  RTS and ITS feature, in particular, in the MiFID 2 provisions relating to trading venues and DRSPs. 1.1.4 You can be subject to a MiFID or MiFIR requirement,  9 May 2019 August, FCA, Response to the FCA CP 19/19 Quarterly Consultation the ESMA CP ESMA70-156-166 on the trading obligation for derivatives  5 Nov 2019 Regulator warns on hard to trade listed securities. The letter urged AFMs to “ consider your obligations on portfolio composition, asset eligibility,  Exemption of the Bank of England from the pre- and post-trade transparency requirements (MiFIR) FCA statement on share trading obligations 19 May 2019

RTS and ITS feature, in particular, in the MiFID 2 provisions relating to trading venues and DRSPs. 1.1.4 You can be subject to a MiFID or MiFIR requirement, 

EMIR REFIT provides that derivative contracts within the same group where at least one counterparty is a non-financial counterparty (or would be qualified as a non-financial counterparty if it were established in the Union) are exempt from the reporting obligation provided that specific conditions are met. The SI regime and associated obligations apply at the level of each single financial instrument. So we expect all firms submitting a notification to establish and maintain a list of all financial instruments for which it is acting as an SI. We may request access to these lists as part of our regulatory functions. DEA Providers & Algorithmic Trading The trading obligation is probably the area where the important interdependencies between MiFIR and EMIR are most highlighted, given that it applies to non-intra group transactions in clearing eligible and sufficiently liquid contracts when traded by counterparties subject to clearing under EMIR. The FCA believes in open markets and competition between trading venues and that reciprocal equivalence – which reflects the reality – remains the best way of dealing with overlapping share trading obligations. The UK has onshored the same regime, making us one of the most equivalent countries in the world. FCA statement on share trading obligations March 2019 Endorsement of credit ratings from the European Union into the United Kingdom for regulatory use in the event of a no-deal Brexit An AIFM must regularly report to the FCA on behalf of each AIF it manages: (1) the main instruments in which it is trading; (2) the principal markets of which it is a member or where it actively trades; and (3) the principal exposures and most important concentrations of each AIF it manages. [Note: article 24(1) of AIFMD] FCA - FREE CARRIER Responsibilities. A No obligation. However if requested by the buyer or if it is commercial practice and the buyer does not give an instruction to the contrary in due time, the seller may contract for carriage on usual terms at the buyer’s risk and expense. In either case, the seller may decline to make the contract and

19 Mar 2019 The EU MiFID II and onshored UK MiFID regimes both have share trading obligations (STOs) which mandate investment firms to trade certain  7 Feb 2020 Classes of derivatives subject to the trading obligation. 1.1. United Kingdom. FCA. MTF. YES. NO. 16/01/2018. Tradeweb Europe. Limited. 8 Oct 2019 These issues are the Share Trading Obligation, the Derivatives Trading Obligation, clearing, uncleared derivatives, data exchange, progress on  22 Mar 2019 FCA response to ESMA's statement on share trading obligations under the MiFID II C(6) carve-out;; the Trading obligation for derivatives;