The European Securities and Markets Authority (ESMA) has called for further information about the use of periodic auctions, which it suspects are being used to circumvent MiFID II transparency rules. In a letter sent on Monday to the ESMA chief executive Martin Wheatley, the authority said that while it had received reports from companies in recent months indicating they were using such auctions as part of
The European Securities and Markets Authority (ESMA) has called for further information about the use of periodic auctions, which it suspects are being used to circumvent MiFID II transparency rules. A recent fact-finding exercise undertaken by the regulator found the increased use of auction dealt largely in stocks that have breached MiFID II double volume cap rules.