MiFID/EMIR Where Are We Now?

Published in 
Offices of Sidley Austin, London Woolgate Exchange 25 Basinghall Street London, EC2V 5HA

MiFID/EMIR Where are we now?

External conference organised by City & Financial Conferences with ECMI as Knowledge Partner

With the participation of ECMI Head of Research Diego Valiante

*20% discount for ECMI members*


As the re-cast MiFID has continued on its laborious path (begun in 2007 and due to be completed in 2014), MiFIR has now been added to the mix (the two together are defined as MiFID II).
This difference is about more than a name. As a piece of regulation and not a directive, MiFIR will be implemented centrally from Brussels rather than being allowed to be individually implemented by national regulators. Thus it will not be possible to water it down in ways that can lead to major discrepancies in equity best execution practices between nations within the European bloc.
Meanwhile EMIR (European Market Infrastructure Regulation) came into force in August 2012. It inter-relates with MiFID/MiFIR in clearing; trading venues; transaction reporting; non-discriminatory access to CCP and non-discriminatory access to trading venue.
It had been hoped that MiFID II and EMIR could be forged into a single piece of legislation which would align with Dodd Frank in the US and so prevent excessive regulatory arbitrage. This has proved optimistic. Technical standards on EMIR were not signed off until February. MiFID's progress has been slowed by fears that the reference price waiver (RPW) in relation to MTFs is insufficient to prevent excessive 'dark' trading in equities and thus undermine efficient price discovery on 'lit' exchanges. There is also the debate around open access and inter-operability among CCPs.
Nevertheless, by July, a clearer picture will have emerged and certainly anyone working within operations in equities, fixed income or derivatives will need to know about both of the regulations. This conference is designed to meet that need.



  • MiFID/MiFIR regulatory overview: resolution and conflict
  • Pre- and post-trade transparency
  • Trading venues
  • Best execution and investor protection


  • EMIR – the regulatory position
  • EMIR and a pan European infrastructure

Info and registration