MiFID II

Navigate the changing landscape of MiFID

Discover our MiFID II capabilities
  1. Overview
  2. Solutions & services
  3. Brexit
  4. Find out more
Discover our MiFID II capabilities

Our take on MiFID II

What is MiFID II?

MiFID II goes beyond the original incarnation of MiFID, with high level goals of increased transparency, a shift in trading towards more structured marketplaces, improved best execution, orderly trading behaviour within markets and more explicit costs for both trading and investing.

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Solutions and services

Our MiFID II offering

We have the solutions and services to help you meet MiFID II compliance and requirements.

  • APA and publications services
  • Investor protection
  • Pre- and post-trade transparency
  • Trading venues and best execution
  • Systematic internaliser (SI) determination
  • Reference data
  • Research, permissioning, and unbundling
  • Transaction reporting and record-keeping

Brexit

MiFID II and Brexit

Reference Data

LSEG has made contingency arrangements within our MiFID II reference data offering in preparation for a hard-Brexit, to ensure that you are prepared and your reporting workflows are not adversely affected.

21 new reference data fields, including:

  • FCA equivalents for Large In Scale (LIS);
  • Size Specific To the Instrument (SSTI) thresholds; and
  • liquidity flags;

have been added and will be updated with FCA content when published. The current expectation is that these values will follow the ESMA rules until May 2020.

See full details of the reference data fields that have been added to products

Real-Time Data

We support all the main APAs and MTFs setup as a result of MiFID II on our real-time network. We have been applying the venue Brexit changes to the appropriate APAs, OTFs, and MTFs, including: setting up the EU versions of the Tradeweb, TRAX and Cboe NL APA; launching the new TP ICAP and Tradeweb MTFs and OTFs; and preparing for the launch of the Cboe DXE and Aquis EU equity venues.

In addition, we have been working to ensure Tradecho and Cboe EU APAs are available over our .xt Consolidated Trade Reporting RIC and onboarding the Cboe DXE Eu-based MTF to our pre-trade XBO consolidated Service.

You can track all the venue changes, and our XT/XBO Consolidated Service, being made as a result of Brexit via our Data Notification service on MyAccount. This includes Cboe DXE, Aquis, Turquoise, and Cboe EU APA.

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Relevant products

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LSEG Workspace

Workspace is the financial analysis desktop and mobile solution that connects you to relevant, trusted content, Reuters news, markets, liquidity pools, and colleagues. Including MiFID II pre- and post-trade data sourced from SIs, APAs and trading venues.

Real-Time – Optimized

Get LSEG Real-Time Optimized to access real-time data from the Cloud, with minimal installation and setup, using our industry standard APIs.

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