Final guidance on MiFID II rules unveiled by ESMA

The markets legislation will aim to bring in tougher rules on investor protection, manage systemic risks, and improve transparency and competition. The key proposals cover the following issues: • increased trade transparency, for non-equity instruments, in particular bonds, derivatives, structured finance products and emission allowances; • a trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments, introducing a major change to the framework for trading these instruments in the Union; • an obligation to trade derivatives on MiFID ve...