KEY CHANGES INTRODUCED BY MiFID II
                     KEY CHANGES 
INTRODUCED BY MIFID II
KEY CHANGES INTRODUCED BY MIFID II
• The second Markets in Financial Instruments Directives came after the first Markets in Financial Instruments 
Directives as a way to review the MiFID  I and also address the several limitations that had been brought by 
the previous legislation which harmonized rules by incorporating them into the ‘single rule book’. The second 
Markets in Financial Instruments Directives also was aimed at implementing the G20 commitments in for 
instance the trading of OTC derivatives on various trading venues. Consequently, the MiFID II gave birth to 
several changes. The following are the key changes that were introduced by the MiFID call recording. 
• The first change that was introduced by the MiFID call recording is in regards to the market structure. The 
MiFID II covers almost all financial instruments exclusive of spot FX deals. This was a modification to the 
MiFID I which only addressed equity markets. As such, the MiFID II has introduced a new trading arena for 
non-equity instruments such as the Organized Trading Facility (OTF) to capture smaller broker-to-broker 
configurations. This has in turn complemented the existing regulated markets, Multilateral Trading Facilities 
(MTFs), and Systematic Internalisers (SIs).
KEY CHANGES INTRODUCED BY MIFID II
• Another change that was introduced by the MiFID call recording is market transparency. Unlike 
MiFID I, MiFID II extends pre-trade and post-trade transparency regulations to non-equity 
instruments. As such, the changes have had a significant effect on the extent of reporting data whereby 
there has been a dramatic increase in the same. Also, the MiFID II has brought about the introduction 
of ‘Consolidated Tape’ for trade data which is usually essential when submitting post-trade data to the 
Authorized Reporting Mechanisms (ARMs).
• Lastly, the MiFID call recording has caused a change in the trading regime. This has been in the form 
of introducing trading regulations for both algorithmic and high-frequency trading that are greatly 
aimed at causing a shift to a stricter commodity regime.  
• For more information on the key changes introduced by MiFID call recording, visit our website at 
https://www.telemessage.com/
KEY CHANGES 
INTRODUCED BY MIFID II