MiFID II / MiFIR Outline

MiFID II entered into force on 3 Jan 2018

MiFID II, the revision of MiFID I and a new regulation, MiFIR changes the rules for trading commodity derivatives. All derivatives contracts are effected by MiFID II and led to increased reporting requirements for trading participants. EEX Group built up a unique compliance service framework to meet MIFID II requirements with minimal effort.

All traders exceeding the ancillary activity exemption threshold are categorised as an investment firm and are therefore inside the scope of MiFID II. Only traders with ancillary activities in trading commodity derivatives stay outside the scope of MiFID II.

Every commodity derivative contract is subject to position limits (see more information in tables below) and trigger the obligation for market participants as well as trading venues to report positions.

MiFID II Webinar
Watch the full length video recording on important obligations here.

MiFID II short code upload tutorial
Learn more about MiFID II related changes to the trading system and how to upload short codes in our video tutorial.

MiFID II Downloads

17/10/2018	Mandatory Market Making according to RTS – Spreads (64 KB)	XLS
13/09/2018	MiFID EEX overview short code mapping (0.7 MB)	PDF
05/08/2019	MiFID II/MiFIR Data Services Agreement (362 KB)	PDF
07/06/2018	MiFID II MiFIR Data Services Description (1.8 MB)	PDF
09/01/2018	MiFID II Q&A (274 KB)	PDF
09/01/2018	MiFID II Q&A Track Changes (0.6 MB)	PDF
27/10/2017	2017-10-27 EEX Customer Information - OTF Transition (276 KB)	PDF
12/10/2017	Third Country Firms under MiFID II (EEX Participants) (127 KB)	PDF
20/06/2018	Third Country Firms under MiFID II - German Banking act (113 KB)	PDF

Further Information

Background information on the different levels of legislation

Examples of national legislation implementing the three levels of legislation
Germany: 2. FiMaNoG
France: French ordinance implementing MiFID II and MiFIR
Examples of websites of relevant competent financial market regulators
BaFin website on MiFID II
AMF website on MiFID II
FCA website on MiFID II

Useful Links

FCA "Legal Entity Identifiers: what you need to do"
FCA "MiFID II – Legal Entity Identifier (LEI) update"
ESMA "BRIEFING Legal Entity Identifier (LEI)"
BaFIN "Legal Entity Identifier (LEI)"

Level	Description	Legal Basis
Level 1	Overarching framework legislation produced using standard co-decision procedure	Directive (EU) No. 2014/65 of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, or simply the Markets in Financial Instruments Directive (MiFID II) Regulation (EU) No. 600/2014 of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, or simply the Market in Financial Instruments Regulation (MiFIR). MiFID II MiFIR
Level 2	Secondary legislation containing additional definitions and matters of detail, which is produced separately by the European Commission in consultation with ESMA, following the Level 1 legislation.	EC overview of Regulatory Technical Standards (RTSs) and Implementing Technical Standards (ITSs). Once published by the Official Journal, RTSs and ITSs are called Delegated and Implementing Regulations respectively. E.g.: Commission Delegated Regulation (EU) 2017/591 on position limits, formerly known as RTS 21. Commission Delegated Regulation (EU) 2017/592 on the ancillary activity exemption, formerly known as RTS 20.
Level 3	Guidance designed to ensure that EU legislation is applied by the respective competent authorities in EU Member States as consistently as possible. It follows the Level 1 and Level 2 legislation.	ESMA guidelines and Q&As Example: ESMA Q&A on MiFID II and MiFIR commodity derivative topics