The incredible breadth of coverage of Markets in Financial Instruments Directive II (MiFID II) always meant there were going to be workarounds. Now that the implementation deadline of January 3, 2018 has passed, how did the marketplace fare in its attempts to comply, where was it successful, and which areas still need work? Register for the webinar to find out about: • What happened on January 3, 2018 • Compliance levels of trading organisations • What has been going well since Day 1 • Which requirements need more work • How best to replace workarounds

1. FROM
IntelligentTradingTechnology.comMarch 13, 2018
Welcome to A-Team Group’s webinar
MiFID II trading technology requirements
– what’s worked and what hasn’t?

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Moderator:
Sarah Underwood, Editor, A-Team Group

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Panel Member: Rachel Przybylski,
Head of Market Structure, Saxo Capital Markets UK
Areas of Expertise:
• Investor protection – product governance, PRIIPs,
costs and charges
• Best execution
• Pre- and post-trade transparency

5. FROM
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Panel Member: Ben Stephens, Managing Director,
Head of Business Development, Instinet Europe
Areas of Expertise:
• Responsible for MiFID II delivery at Instinet
• Responsible for Instinet Europe’s products – EMS,
analytics, trading and infrastructure
• Responsible for Instinet’s BlockMatch MTF including
it’s MiFID II compliance and post MiFID II strategy
• Responsible for trading counterparty relationships
with brokers, exchanges and Systematic Internalisers

6. FROM
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Panel Member: Thomas Kennedy,
Head of Analytic Services, Thomson Reuters
Areas of Expertise:
• Deep expertise in the application of analytics, cloud
services and emerging technologies, and a passion
for big data
• Played a critical part in the development of the
Thomson Reuters Analytics and Platform business
since joining the company in 2010
• Before this, worked at Kx Systems and Pie Screening,
where as CTO he was key in the development of the
firm’s real-time supply chain platform

7. FROM
IntelligentTradingTechnology.comMarch 13, 2018
A review of the MiFID II deadline date, January 3rd, 2018
ESMA publication of double volume cap data under MiFIR
Extent of compliance, workarounds and regulatory enforcement
Elements of MiFID II implementation that are working well
Approaches to elements of MiFID II that are not working so well
Gains and losses from integration with FIRDS, APAs and ARMs
Reactions to last minute changes such as the LEI delay
Benefits trading organisations are gaining from MiFID II compliance
Talking Points

8. FROM
IntelligentTradingTechnology.comMarch 13, 2018
What happened from a trading perspective on
the MiFID II deadline day, January 3rd, 2018
Results of a Nov 2017 A-Team poll
asking ‘What is the mood at your
organisation in terms of MiFID II
compliance?’
• 4% - very cheerful, we will be
compliant
• 40% - quietly confident we will be
compliant
• 35% - stressed, struggling to get to
compliance
• 11% - defeated, unlikely to achieve
compliance
• 9% - disappointed, Christmas is
cancelled

9. FROM
IntelligentTradingTechnology.comMarch 13, 2018
ESMA publication of the first double volume cap
(DVC) data required under MiFIR
After delaying publication of
double volume cap (DVC) data
just after go live of MiFID II and
MiFIR, ESMA published the first DVC
trading volumes and calculations
last week:
https://www.esma.europa.eu/dou
ble-volume-cap-mechanism

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IntelligentTradingTechnology.comMarch 13, 2018
Compliance on deadline day and regulatory
enforcement processes

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Approaches to workarounds implemented to
achieve compliance

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Elements of MiFID II implementation that are
working well
Percentage of respondents

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Approaches to elements of the regulation that are
not working so well
Another poll result form the Nov
2017 webinar, this one asking
about ‘outstanding challenges of
MiFID II’
• 70% - sourcing required data
• 52% - transaction reporting
• 36% - ensuring we have the
right LEIs
• 18% - working with APAs and
ARMs
• 4% - no challenges
outstanding

15. FROM
IntelligentTradingTechnology.comMarch 13, 2018
Gains and losses from integration with FIRDS, APAs
and ARMs
Percentage of respondents

16. FROM
IntelligentTradingTechnology.comMarch 13, 2018
Reactions to last minute changes such as the
six-month delay on the Legal Entity Identifier (LEI)
ESMA statement, 20 Nov 2017:
To support the smooth introduction of the LEI
requirements, ESMA will allow for a temporary
period of six months that: (1) investment firms
may provide a service triggering the obligation
to submit a transaction report to the client,
from which it did not previously obtain an LEI
code, under the condition that before
providing such service the investment firm
obtains the necessary documentation from this
client to apply for an LEI code on his behalf;
and (2) trading venues report their own LEI
codes instead of LEI codes of the non-EU issuers
while reaching out to the non-EU issuers.

17. FROM
IntelligentTradingTechnology.comMarch 13, 2018
A strategic approach to MiFID II that harmonises
with trading requirements of other regulations
Percentage of respondents

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IntelligentTradingTechnology.comMarch 13, 2018
Benefits trading organisations are gaining from
MiFID II compliance
Final poll from the Nov 2017
webinar, asking ‘what benefits
do organisations expect to gain
from MiFID II beyond
compliance?’
• 44% - ability to harmonise
regulatory data
• 40% - no benefits
• 38% - improved operational
efficiency
• 30% - new business
opportunities
• 14% - reduced operating
costs over time

19. FROM
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Thank you to our sponsor
Contact:
Europe.salesenquiries@thomsonreuters.com

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Upcoming A-Team Group Events
Visit IntelligentTradingTechnology.com/events
Intelligent Trading Summit (ITS) - New York City, June 12th 2018
RegTech Summit for Capital Markets - London, 4th October 2018
RegTech Summit for Capital Markets - New York City, 15th November 2018

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Upcoming A-Team Group Webinars
Visit webinar section of
IntelligentTradingTechnology.com
April 12th – Deploying cloud solutions in high-performance trading
May 22nd – Best practice timestamping and clock synchronisation
May 31st – Trade reconstruction: a data and technology-led approach

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Visit the trading technology handbooks section of
IntelligentTradingTechnology.com
A-Team Group Handbook Series