The Markets in Financial Instruments Regulation (“MIFIR”) and the Markets in Financial Instruments Directive (“MIFID”), together “MIFID II”, enter into application on 3 January 2018.

Since its implementation in November 2007, the Markets in Financial Instruments Directive  (“MIFID I”) was the cornerstone of capital markets regulation in Europe.  MIFID I targeted primarily equity markets and instruments.

MIFID I was recast by MIFID II which extends market transparency and integrity rules to derivatives and debt financial instruments and which re-enforces investor protection and conduct of business rules on all financial instruments. Finally, it brings additional measures on product governance, on the reinforcement of control and management functions and on the enhancement of financial supervision.

Client categorization in eligible counterparties, professional and retail, together with the associated level of protection for each category,  is still a key element of MIFID II. 

Below are a number of important information and legal documents that we recommend you to read carefully.

Please also be aware of the information on the Central Securities Depositories Regulation ("CSDR") and the terms which may apply to the relationship betwee us in connection with it. These can be found here.

Execution of Client's Orders

Approved Publication Arrangement (APA)