Statements of Policy on the operation of the MiFID transparency regime

We have published Statements of Policy outlining how we will operate the MiFID transparency regime, if the UK leaves the EU without an implementation period.

Read the Statements of Policy (PDF)

The MiFID transparency regime was calibrated using trading data from the EU including the UK. It currently operates by ESMA validating data on trading across the EU and performing various calculations to set assorted thresholds and make various determinations. If the UK leaves the EU without an implementation period agreed between UK and the EU, we will be solely responsible for operating the regime within the UK.

The onshored UK regime provides us with new decision-making powers as well as new obligations to operate the transparency regime. This includes a degree of flexibility during a 4-year transitional period to allow us to build the systems necessary to operate the system as ESMA currently operates it, and to change the regime if need be given the possible move from an EU-wide trading data set to a UK-only data set.

Our Statements of Policy outline how we may expect to use these new powers. The statements should give further clarity to market participants about our approach in advance of Brexit.

Supervisory Statement

Further to our Statements of Policy, we have published a Supervisory Statement outlining how we will operate the pre- and post-trade transparency regime.

This statement gives further clarity to market participants about our approach in advance of Brexit.

Read the Supervisory Statement (PDF)

Technical communication (PDF)