Regulated Market Maker under MiFID II/Designated Sponsor: Flagging of orders/quotes

Release date: 19 Dec 2018

132/2018 Regulated Market Maker under MiFID II/Designated Sponsor: Flagging of orders/quotes

The purpose of this circular is to clarify the practical application of MiFID II in relation to market-making, based on the ESMA “Questions and Answers on MiFID II and MiFIR market structures topics” (ESMA70-872942901-38) published on 14 November 2018, and the Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 (also known as RTS 8).

According to ESMA’s position, the Liquidity Provision Flag has to be used as indicator for orders/quotes only submitted under the market-making agreement to clearly distinguish those from the Member’s other trading activities.

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