Publication of two regulations on package orders and internalisation under MIFIR
On 21 August 2017, the European Commission adopted and published a Delegated Regulation with regard to package orders under MiFIR.
On 21 August 2017, the European Commission adopted and published a Delegated Regulation with regard to package orders under MiFIR. Article 1 sets out the general methodology for establishing for which package orders there is a liquid market as a whole. Articles 2 to 5 specify the conditions under which a package order can fulfil the asset-specific criteria set out in Article 1(b), respectively for interest rate derivatives (Article 2), equity derivatives (Article 3), credit derivatives (Article 4) and commodity derivatives (Article 5). In addition, on 28 August, the Commission adopted and published the Delegated Regulation outlining level 2 measures on the specification of the definition of systemic internalisers under MiFID II. This updated Delegated Regulation will amend the original Commission Delegated Regulation (EU) No 2017/565.