The European Securities and Markets Authority (ESMA) has published today its final report on draft regulatory technical standards (RTS) regarding the treatment of package orders under the amended Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
This final report presents the revised draft RTS establishing a methodology for determining whether there is a liquid market for package orders as a whole following feedback received from stakeholders to the consultation paper (CP) published on 10 November 2016. The report explains the final approach and discusses feedback received from stakeholders.
ESMA submitted the final report to the European Commission on 27 February 2017. The Commission has three months to decide whether to endorse the draft RTS.