Author: Declan Mcloughlin

EU MiFID: ESMA finalises rules on SI notification, the volume cap and circuit breakers

ESMA has submitted its final report to the European Commission on Systematic Internaliser (SI) notification (new ITS), the application of the single volume cap and transparency calculations (RTS 3), and harmonisation of circuit breakers and operational resilience for trading venues (new RTS 7a).  
ESMA has tidied up and simplified many of the rules that were originally proposed as part of the third consultation package, published on 10 July 2024 following the MiFID II/MiFIR Review. The European Commission now has three months to endorse the proposals.