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Unravelling Ariadne's MiFID II Thread: Pre- and post-trade transparency for non-equity markets

Unravelling Ariadne's MiFID II Thread: Pre- and post-trade transparency for non-equity markets. JORGE YZAGUIRRE SCHARFHAUSEN. The fixed income markets after MiFID II. Jorge Yzaguirre Scharfhausen - Markets Director, Equities , Fixed Income and Derivatives ,

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Unravelling Ariadne's MiFID II Thread: Pre- and post-trade transparency for non-equity markets

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  1. Unravelling Ariadne's MiFID II Thread: Pre- and post-trade transparency for non-equity markets JORGE YZAGUIRRE SCHARFHAUSEN

  2. The fixed income markets after MiFID II Jorge Yzaguirre Scharfhausen - Markets Director, Equities, FixedIncome and Derivatives, Bolsas y Mercados Españoles (BME) • Current fixed income trading models in BME • Regulatory & market milestones • T2S & MiFID II regulations main impacts • Solutions provided by BME’s FI trading Platforms • Future fixed income trading model in BME • Next steps

  3. Current fixed income trading models in BME. AIAF SEND EXCHANGES SENAF MARF

  4. Current fixed income trading models in BME

  5. Regulatory & marketmilestones.

  6. T2S & MiFID II regulations main impacts • Breaks the bi-univocal historical relationship between trading and settlement. • Registry & settlement procedures are unified with those in equities Markets. • Accounts daily variations disappear. • 3rd parties accounts records are substituted by a new Post Trade Interface -PTI. Impacts Trading Members T2S (Sept 2017) Impacts Clearing Entities Impacts Trading Members • Transparency in Markets ( pre & post ). • Trade reporting to surveillance authorities. • Trading on-venue. • The majority of FI trading will fall under the OTC / SI regimes. MiFID II (Jan 2018)

  7. Solutions provided by BME’s FI trading Platforms T2S (Sept 2017) MiFID II (Jan 2018) • Differentiate between Trading Members and Clearing Members. • New accounts structure at each Member’s level. • Adaptation to new T2S flows & messages. • Resolve transparency obligations. • Fulfil the new regulatory requirements. • Avoid the inclusion of Markets Members in the Systematic Internalizing regime. BME trading platforms are adapted to be T2S & MiFID II compliant.

  8. Future fixed income trading model in BME

  9. NEXT STEPS June -July 2017 June 2017 New API specifications May 2017 New RFQ system available for testing May 6th -7th 2017 New POA template & formal documentation delivery T2S migration weekend test

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