FCA has published its consultation paper on how it will change its rules to address the markets aspects of MiFID 2. See our detailed summary for further information. The consultation covers:

  • trading facilities – and looks at changes to the existing rules for regulated markets and multilateral trading facilities, and introducing rules for organised trading facilities;
  • transparency, including how FCA proposes to exercise national options on pre- and post-trade transparency requirements for equity and non-equity instruments;
  • market data reporting, to reflect new entities and requirements;
  • changes to rules to mitigate the risks of algorithmic and high-frequency trading;
  • passporting and the treatment of third country firms; and
  • changes to the Principles, other rules, and the Perimeter Guidance to take account of MiFID 2.

Consultation closes on 8 March 2016 and a further consultation in the first half of 2016 will propose more Handbook changes, including to conduct of business and client asset protection rules. (Source: FCA Consults on MiFID 2 Implementation)