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FIA publishes MiFID II and MiFIR compliance brief for U.S. FCMs

FIA publishes MiFID II and MiFIR compliance brief for U.S. FCMs

7 July 2017 3:00pm EDT

FIA has created a brief to help its members understand how the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR) may impact U.S. futures commission merchants (FCMs). 

The brief, which was developed with Katten Muchin Rosenman UK LLP, focuses on compliance obligations for U.S. FCMs and their non-EU clients when MiFID II and MiFIR take effect on January 3, 2018.  The brief may also be instructive for other third-country firms, including principal trading firms and market participants in the Asia-Pacific region.  

The brief addresses three separate compliance concerns: direct impacts from authorization requirements, direct impacts from ongoing compliance obligations, and indirect impacts where firms may be affected by the application of new obligations on the European market participants with which they do business. 

Specific issues addressed include:

  • Direct Electronic Access (DEA)
  • High-frequency algorithmic trading
  • Market making
  • Position limits for commodity derivatives
  • Straight-through processing
  • Mandatory trade execution
  • General clearing member obligations
  • Algorithmic trading
  • Transaction reporting
  • Clock synchronization

The full brief is available here. 


DISCLAIMER: This brief was drafted by Katten Muchin Rosenman UK LLP on behalf of FIA. It is provided for informational purposes and based on public sources only and does not constitute legal advice or a full description of the applicable legal or regulatory requirements under MiFID II, MiFIR, the relevant EU-level implementing legislation, related EU-level guidance or, where referenced, national implementation measures. Accordingly, firms should make their own decision regarding the applicability of the topic areas addressed herein based on their own independent advice from their professional advisors. Although care has been taken to assure that the contents of this brief are accurate as of the date of issue, FIA specifically disclaims any legal responsibility for any errors or omissions and disclaims any liability for losses or damages incurred through the use of the information herein. FIA undertakes no obligation to update the contents of this brief following the date of issue.

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2017-07-07_FIA_MiFID_II_MiFIR_Brief_Impact_on_US_FCMs.pdf (413.19 KB)

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