Topic
Market Data
59 published works
Global Regulation Tomorrow
AFM reminds market participants of ESMA’s MiFID II/ MiFIR review consultations
By Floortje Nagelkerke (NL), Jessie Steinebach
In its newsletter of 30 August 2024, the Dutch Authority on the Financial Markets (Autoriteit Financiële Markten, AFM) reminds Dutch market parties that the European Securities and Markets Authority (ESMA)…
Subject to Inquiry
Spring Has Sprung for Recent Reg NMS Reporting Changes
By Elizabeth J. Hogan, John Ayanian, Rhea Shahane
On March 6, the SEC released its long-anticipated adopting release amending Rule 605.[1] Separately, in late February, FINRA issued Regulatory Notice 24-05 discussing new FINRA Rule 6151, which requires member…
Cleary Enforcement Watch
SEC Approves Amendments to Enhance Disclosure of Order Execution Information
By James R. Burns, Brant Brown, Ben Rosenblum, Abby Shamray
On March 6, 2024, the Securities and Exchange Commission (“SEC” or “Commission”) adopted amendments to the disclosure requirements of Rule 605 of Regulation NMS for order executions of stocks listed…
Global Regulation Tomorrow
Published in OJ – Directive and Regulation to improve MiFID II market data access and transparency
By Simon Lovegrove (UK), Hannah Meakin (UK), Roberto Cristofolini (FR), Sebastien Praicheux, Claire Guilbert, Floortje Nagelkerke (NL), Salvatore Iannitti (IT), Michael Born (DE)
On 8 March 2024, the following were published in the Official Journal of the EU: Directive 2024/790 of 28 February 2024 amending MiFID. The Directive enters into force on the…
Global Regulation Tomorrow
ESMA public statement on reporting requirements under RTS 28
By Simon Lovegrove (UK), Floortje Nagelkerke (NL)
On 13 February 2024, the European Securities and Markets Authority (ESMA) issued a public statement concerning Regulatory Technical Standard (RTS) 28 under MiFID II. The public statement follows an earlier…
Global Regulation Tomorrow
Council of EU publishes texts of proposed Directive and Regulation to improve MiFID II market data access and transparency
On 2 February 2024, the Council of the EU published the text of the proposed: Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated…
The Securities Law Blog
SEC Directs Equity Exchanges and FINRA to Improve Governance of Market Data Plans
The Securities and Exchange Commission today issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to file a new national market system plan…
Global Regulation Tomorrow
FCA publishes update report on wholesale data market study
By Hannah Meakin (UK), Simon Lovegrove (UK), Anita Edwards
On 31 August 2023, the FCA published Market Study MS23/1.4: Wholesale Data Market Study: Update Report. The FCA launched the market study on 2 March 2023, following persistent user concerns…
Global Regulation Tomorrow
New split the difference podcast: Consolidated Tape
By Hannah Meakin (UK), Jonathan Herbst (UK), Catherine Pluck (UK), Floortje Nagelkerke (NL), Anna Carrier (BE)
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah…
China Law Insight
行情数据跨境许可交易中的核心商业及法律问题
By King & Wood
作者：苏萌 傅广锐 席索迪 赵哲楠 张芳源 行情数据是指经由交易所交易形成的体现各类产品价格的交易数据，典型的行情数据包括股票、债券市场的指数、大宗商品市场的结算价、基准价等。 从原理上讲，某类产品的集中交易市场汇集了各类市场参与者，不同市场参与者基于自身对产品价格的不同预期在市场上形成频繁的交易；市场参与者的交易在某种程度上属于“用钱投票”，该等“投票”行为经由市场的组织者（一般为交易所或由交易所设立的指数子公司）进行计算、编纂，就形成了反映整体市场情绪、观点的“行情”。因此，某类产品的行情数据可谓是对应市场的“晴雨表”。 阅读更多