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  • What MiFID II means for Tradeweb clients

    MiFID II (Markets in Financial Instruments Directive II) and MiFIR is EU legislation set to take effect on January 3, 2018. These new regulations aim to improve investor protection, require pre- and post-trade transparency as well as transaction reporting across asset classes and will impact market structure in the European financial markets.

    MiFID II and MiFIR generally apply to transactions in financial instruments across asset classes and formats concluded on venue or over-the-counter (OTC). The requirements directly apply to relevant firms in the European Economic Area and EU regulated trading venues such as the Tradeweb Europe Multilateral Trading Facility (MTF). 

    European Clients
    Tradeweb has considered how MiFID II pre-trade, execution and post-trade obligations impact European clients and has developed a range of MiFID II solutions. For more information, please contact your Tradeweb representative or email europe.clientservices@tradeweb.com.

    U.S. Clients
    Whilst MiFID II will directly impact financial institutions and regulated marketplaces (like Tradeweb Europe's Multilateral Trading Facility (MTF)) in Europe starting in January 2018, as a buy-side participant in the U.S. on Tradeweb U.S. platforms, there will be no changes to how you use Tradeweb. Even after implementation of MiFID II in 2018 which will affect our European MTF marketplace, you will be able to continue trading in exactly the same way as you do today on our U.S. platform offered by separate U.S. regulated entities, even if you are trading European securities or derivatives.

    Asia-Pacific Clients
    There will be no change to how you use Tradeweb. As an Asia-Pacific client, you are trading on the locally regulated Tradeweb platforms as per below, which comply with local law.    

    - Japan: Tradeweb is regulated by the Japanese Financial Services Agency (JFSA) and the Japan Securities Dealers Association (JSDA) as a security house in Japan. Tradeweb also operates an authorized Private Trading System (PTS) business and notified IRS intermediary business by the JFSA. Financial instruments dealer, Kanto Financial Bureau (Kin-sho) No. 224.

    - Hong Kong: Tradeweb provides an Automated Trading Service (ATS) in Hong Kong that is regulated by the Securities and Futures Commission (SFC).

    - Singapore: Tradeweb provides a regulated market operator (RMO) in Singapore that is regulated by the Monetary Authority of Singapore.
 

    - Australia: Tradeweb holds an exemption granted by the Australian Securities & Investments Commission (ASIC) from having to hold a markets license and from having to have a financial services license in Australia. 

    Swiss Clients
    Tradeweb Europe Limited is a foreign trading venue recognised by FINMA and will offer the Tradeweb Europe MTF to Swiss clients going forward. Tradeweb LLC has started the necessary approval process with FINMA to offer a trading facility for clients who do not wish to trade on the Tradeweb Europe MTF. This platform will have the same functionality as the platform that Swiss clients are using today.


    Please note that obtaining an LEI will be beneficial when continuing to trade with EU liquidity providers, as they will have to include this information in their transaction reports.

    If you have any questions or want to voluntarily participate on the MTF, please contact the Tradeweb Regulatory Affairs team: regulatoryaffairs@tradeweb.com


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