In January 2018, MiFID II(金融工具市场指令)将在整个欧盟金融领域引入. Its impact will be significant and far-reaching, affecting the activities of investment banks, broker dealers, various asset managers, private wealth managers, and financial advisors on a broad range of fronts.

In with the new

MiFID II的起草是为了解决原始指令中固有的弱点, which was introduced prior to the financial crisis. Designed to enhance protection for consumers of financial products, 该指令也是对近期交易技术进步的回应——尤其是算法交易和直接市场准入系统——以及提高股票以外投资透明度的必要性.

The directive, 该法案还将引入新的《澳门新葡新京在线》(MiFIR)。, will bring about a raft of changes to the regime established under MiFID. These core amendments include:

• 在非交易所交易的股票市场交易方面提高透明度, as well as in non-equity markets such as structured finance products, emissions trading allowances and certain derivatives and bonds
• 规范有组织交易设施(otf)的新法规，并加强对商品衍生品市场的监管
• 提高了专业投资者和合格交易对手分类的标准
• Increased investor protection measures

Given the extensive nature of the legislation, 该指令的影响将体现在大多数与投资相关的活动和职能中.

Changing status

MiFID II将把指令的范围扩大到包括场外(OTC)衍生品交易等资产, classifying funds using these instruments as ‘complex’. 结构性/资本保护型UCITS基金也将被贴上复杂的标签. 这种分类意味着，无论是散户投资者还是专业投资者，如果他们希望投资，都需要专业建议, incurring an additional cost. Those products deemed non-complex will, however, still be eligible for investment on an execution-only basis.

另一项重大变化将是，零售和专业投资咨询都必须被划分为独立或非独立. 这将影响财务激励，因为MiFID II将把激励奖金限制在非独立顾问的范围内.

In addition, 该指令将要求客户接受更严格的适当性测试，以评估他们的产品知识, financial stability, investment objectives and risk tolerance levels. 只有那些被归类为非复杂的产品将被排除在测试之外.

Organised trading

MiFID II还将寻求通过场外交易解决有组织场所以外的衍生品和固定收益交易问题, which regulators view as a non-transparent risk to the financial system. 该指令旨在将这些工具的大部分交易推向受监管的金融资产和工具交易场所之一:受监管市场(RM)。, Multilateral Trading Facilities (MTF), and the new Organised Trading Facilities (OTF).

在EMIR(欧洲市场基础设施条例)下有资格清算的衍生品合约现在将被要求通过rm进行交易, MTFs, and OTFs. MIFID II还要求每家金融机构持续公布股票和其他金融工具的买入价和卖出价.

Reporting requirements for commodity derivative trading will also change. Under the directive, 交易场所将被要求每周就其总头寸发布报告, 尽管交易机构需要向本国监管机构提供每日头寸报告.

A limiting factor

根据MiFID II第57条，监管机构将被要求对任何实体通过欧盟交易场所交易的任何商品衍生品的头寸实施严格的数量限制, plus any OTC contracts of economic equivalence. 这些限制将适用于投资基金层面，而非基金经理层面，因此可能会影响复杂的UCITS和AIF基金.

这些新规定将对固定收益市场的流动性产生重大影响, driving increased costs for this type of asset trading. In addition, 商品衍生品的限制可能会影响基金的投资组合结构，因为基金经理可能会减少或消除这类持股.

The wider implications

Given the fact that MiFID II will not come into effect until January 2018, it is still very much a case of maintaining a watching brief. However, at this stage, 我们可以公平地推测，新指令极有可能会增加它所涵盖的那些公司的成本. 因此，预计这种增加将反过来导致金融工具交易成本的增加.

另一个可能的连锁效应是，寻求非独立地位的独立顾问可能会增加. 这可能会减少愿意通过顾问推广小型基金的人数, 作为非独立的从业者，他们将更多地关注更大的基金，从而产生更大的媒体曝光率.

Whatever the final outcomes, 很明显，MiFID II将给交易环境带来根本性的变化. 因此，战略性的当务之急是现在采取一切步骤，以确保尽可能无缝地过渡到这个新环境.

本文最初由马耳他财经在2017年1月的通讯中发表.