MiFID II / MiFIR
NOREXECO adherence and compliance to RTS 27, MiFID II, and MiFIR — including execution quality and market data revenue disclosure.
Regulatory framework
MiFID II and MiFIR at NOREXECO
How NOREXECO meets European market infrastructure rules for transparency, investor protection, and market data disclosure.
Execution quality
RTS 27 execution quality tables and documentation available on request.
Market data revenue
Annual disclosure of market data revenue under EU 2017/567.
Pricing methodology
Data subscription pricing based on peer comparison and due care.
Member guidance
Prepared guidance for members trading pulp and paper derivatives on NOREXECO.
Execution quality (RTS 27 / EU 2017/575)
NOREXECO will make tables and documentation regarding Commission Delegated Regulation (EU) 2017/575 available to those with an interest. Please contact us at post@norexeco.com.
Market Data Revenue
Information required by Article 11(2)(d) of Commission Delegated Regulation (EU) 2017/567: 15 k€, 6.8% (2018).
Pricing
Article 11(2)(e) of Commission Delegated Regulation (EU) 2017/567 is about how prices for market data are set. The price for subscribing to NOREXECO data is based on peer comparison and due care is taken to make it an attractive service to participants in the global pulp and paper market.
MiFID II / MiFIR
The regulators of the European financial markets have worked out a new Directive, MiFID II, and a new Regulation, MiFIR. With extensive level 2 details issued by the European Securities and Markets Authority (ESMA), exchanges and market participants prepared systems and procedures for the effective date of MiFID II and MiFIR: 3 January 2018.
MiFID II and MiFIR are revisions of MiFID I that take into account developments in the trading environment since 2007 and, in light of the financial crisis, improve the functioning of financial markets making them more efficient, resilient and transparent.
The original scope of MiFID I has been expanded to cover a larger group of companies and financial products. MiFID II brings the majority of non-equity products into a robust regulatory regime and moves a significant part of OTC trading onto regulated platforms. Furthermore, MiFID II strengthens pre- and post-trade transparency requirements and introduces position limits for commodity derivatives. Investor protection has become a key focus of MiFID II.
Exchanges and investment firms are required to report transactions and positions to the regulators to improve oversight of the markets. NOREXECO has prepared guidance related to being a member and trading pulp and paper derivatives on the exchange.
• European Securities and Markets Authority (ESMA) — MiFID II and MiFIR
• Norwegian Financial Supervisory Authority — MiFID II
• UK FCA — MiFID II
Co-operation
NOREXECO has extensive co-operation with the Deutsche Börse group that includes European Commodity Clearing (ECC) and the European Energy Exchange (EEX).
DISCLAIMER: The information on this page is for information purposes only and may not substitute legal advice.
Questions about regulatory reporting?
Contact our compliance desk for RTS 27 documentation or membership reporting guidance.