
Market FinReg reply to ESMA RTS 1, MiFID II
ESMA proposes to make amendments to RTS 1 of MiFID II related to extending the Tick Size Regime to Systematic Internalisers. This is to prevent a race to the bottom where firms offer meaningless fractional price improvement by offering ever-smaller tick sizes.
For reasons which we detail in the enclosed document, we agree with ESMA’s proposal, but we advise ESMA to adopt a difference approach.
Submission-to-ESMA-RTS-1-MiFID-II