Bolsas y Mercados Españoles
Company
search
MiFID II

MiFID II, which is scheduled for January 3rd 2018, revises the Markets in Financial Instruments Directive and associated Regulation. Its objectives contain the enhancement of investor protection and the improvement of financial markets transparency.

BME, as a leading European operator of financial markets and a provider of trading technologies, has always assimilated these objectives naturally within its key values. Therefore, BME has created this information section, divided into different categories, to help you understand the Group's securities market adaptations to MiFID II.

Should you have any question or wish to obtain further information, the BME team will be delighted to help you:

BME Equities
calidadrv@grupobme.es




1. BEST EXECUTION

2. TRANSACTION REPORTING SERVICE

3. ORDER RECORD KEEPING

4. MARKET ACCESS

 

 

 

1. BEST EXECUTION

Regulatory technical standard 27 of MiFID II (RTS 27) defines the obligation of investment firms when executing orders on behalf of clients, to take all sufficient measures to obtain the best possible execution. Similarly, the execution venues are required to publish a "Best Execution Report" free of charge and in a machine-readable format.

This requirement will not be mandatory until the second quarter of 2018. However, in line with BME's principle of transparency, the Group began publishing monthly best execution reports in January 2017. It has also commissioned a specific report on the subject of best execution from an outside consultant.

In this section you can consult the corresponding monthly report and the “Report on the Best Execution of Spanish Listed Equities” of FinReg360.

IBEX 35 "Best Execution" Report. October 2017

Memorandum on "Best Execution" of Spanish listed equities in BME under MiFID II. (FinReg360) 

ESMA Questions and Answers. On MiFID II and MiFIR investors protection topics

 

 

2. TRANSACTION REPORTING SERVICE

Bearing in mind the entry into force of MiFID II, scheduled for 3 January 2018, BME offers a Transaction Reporting Service to the Competent Authority available to Market Members, adapting it to new regulation rules. 

The engagement of said service allows Market Members to authorize BME Exchanges to generate the files of their transactions according to the legislation, and to send them on their behalf to CNMV or to other European Competent Authority if applicable. 

Service scope extends to the market trading activity carried out by Market Members acting on the Members' own account or for clients’ account on the trading platforms of BME. With regard to the breakdown transactions of aggregated orders, BME Exchanges will offer a notification service via the ARM of BME.

For more information, please  contact: backoffice@grupobme.es



3. ORDER RECORD KEEPING

Article 25.2 of Regulation (EU) No 600/2014 (MiFIR) states that “The operator of a trading venue shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems…”. Commission Delegated Regulation (EU) 2017/580 specifies the data relating to every order that must be kept.

For more information, please contact backoffice@grupobme.es.

 

4. MARKET ACCESS

Sociedad de Bolsas, as the legal entity in charge of managing the Spanish Stock Exchange Interconnection System allows market members to access the System and introduce orders via two possible mechanisms:

  • Manual trading terminals
  • External applications (ISVs) developed in-house or by third parties

Any ISV that a market member would like to use for this purpose should pass a process of homologation and certification with the parameters and filters defined by Sociedad de Bolsas.

For further information regarding ISVs and trading terminals please contact us at the following email address: aaee@grupobme.es


 

 

Follow us in:
Copyright © Bolsas y Mercados Españoles 2017