The European Securities and Markets Authority published on November 14, 2018 a new version of its Questions and Answers on MiFID II and MiFIR rules regarding market structures. New versions of ESMA’s Q&A on MiFID II and MiFIR transparency requirements were published on November 11 and again on January 4.

The aim of the Q&A documents is to promote common supervisory approaches and practices in the application of the revised Markets in Financial Instruments Directive (2017/65/EU) and the accompanying Markets in Financial Instruments Regulation (600/2014).

The new versions of the Q&As provides clarification on areas including making data available free of charge 15 minutes after publication; obligations applicable to systematic internalisers in instruments that are not traded on a trading venue; definition of request-for-quote systems; pre-trade transparency in RFQ systems; the concept of comparable size in market-making agreements and voluntary provision of liquidity; and the rules governing parameters for equity market transparency calculations or thresholds for pre-trade and post-trade transparency for a bond in the absence of indications from ESMA or national regulators.

The Q&A on MiFID I and MiFIR market structures issues is available in English at, and the updated Q&A on transparency topics at