UK MiFIR definition

View the related checklists about UK MiFIR

UK MiFID II regime—timeline

UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 23 April 2025 PRA CP9/25 – Markets in Financial Instruments Directive Organisational Regulation The Prudential Regulation Authority (PRA) has published consultation paper CP9/25, which sets out proposals to amend the PRA Rulebook to reflect the planned revocation of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) under the Financial Services and Markets Act 2023 (FSMA 2023). The PRA proposes to restate the MiFID Org Reg within the PRA Rulebook without material changes. This approach is intended...

View the related practice notes about UK MiFIR

UK systematic internalisers

UK systematic internalisers This Practice Note considers the requirements for UK systematic internalisers (SIs) including the provisions which implemented the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) and covers: (1) the definition of a UK SI (5) requirements for UK SIs, and (3) reforms that are being made to the UK’s post-Brexit regulatory framework. For information on EU SIs, see Practice Note: EU systematic internalisers. UK’s implementation of MiFID II framework for SIs The Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) introduced SIs as an alternative trading regime to regulated markets (RMs) and multilateral trading facilities (MTFs). The SI regime permits organised trading in financial instruments to be carried out internally by firms acting as a SI, provided they comply with firm quote and other requirements. In the UK, these requirements were implemented in the Market Conduct sourcebook (MAR) of the FCA Handbook, primarily MAR 6. Following implementation of MiFID I, a smaller number of...

Warrants

Warrants What does this Practice Note cover? This Practice Note explains warrants (sometimes called securitised derivatives) and covers: • what warrants are • types of warrants • key warrant terminology • how warrants are listed and offered • how warrants are documented, and • the differences between warrants and similar instruments What are warrants? A warrant is a tradeable security which gives the holder the right, but not the obligation, to: • buy or sell • a specified asset (the underlying asset or, simply, underlying) • at a specified price (the exercise price or strike price) • on a specified date or dates (the exercise date(s)) A warrant is a kind of derivative—it derives its value from the underlying asset and is a way of obtaining exposure to the value of the underlying asset without owning it. Warrants are sometimes described as 'securitised derivatives'—ie derivatives in the form of securities. A warrant is not a debt security and therefore does not have a principal amount, contains no...

View the related q&as about UK MiFIR

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments?

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...

What is a systematic internaliser under UK MiFIR?

What is a systematic internaliser under UK MiFIR? What is a systematic internaliser? A firm will be a systematic internaliser (SI) if it deals on own account on a substantial (as well as organised, frequent and systematic) basis when executing client orders outside a UK regulated market (RM), UK multilateral trading facility (MTF) or UK organised trading facility (OTF). The definition of SIs applies only where a firm's over-the-counter (OTC) trading meets quantitative thresholds for both 'frequent and systematic' and 'substantial': • the 'frequent and systematic' threshold is based on the number of OTC trades in the financial instrument carried out by the firm on own account when executing client orders • the 'substantial' threshold is based on either: (i) the size of the OTC trading carried out by the firm in relation to its total trading in a specific financial instrument or (ii) the size of the firm's OTC trading carried out by the investment firm in relation to the total trading in the relevant area (within the meaning...