ICMA has focused its advocacy efforts where the regulatory requirements are ambiguous, disproportionately burdensome on SFT liquidity providers and users, or simply inappropriate. In particular, ICMA has focused on:
- Transaction reporting;
- Pre- and post-trade transparency; and
- Best execution reporting.
See also: MiFID II/R implementation (covering primary markets, secondary markets, repo markets and asset management).
Q3 2017 Quarterly Report: MiFID II/R implementation: securities financing transactions
A briefing note on MiFID II/R costs and charges for fixed income market-makers (bonds and repo)
A discussion paper on MIFID II/R best execution reporting and SFTs
(note that clarification has since been provided that SFTs are exempt from RTS 27, but not RTS 28)