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Author: Karen Cooper

EU MiFIR: Commission proposes Level 2 changes reflecting reforms on PTRR services

On 8 August 2025, the European Commission published a draft Delegated Regulation (and Annex) to amend the MiFIR Delegated Regulation (2017/567) to reflect recent Level 1 changes to MiFID II / MiFIR on reasonable commercial basis (RCB) requirements, to the requirements for liquid market for equity instruments, and to exemptions for post-trade risk reduction (PTRR) services. Most notably, the Commission has indicated that it considers portfolio compression services, rebalancing services, and basis risk optimisation services to be PTRR services, which will be welcome news.