Canaccord Genuity has a dedicated team working to ensure all of our business areas affected by MiFID II / MiFIR are equipped and prepared for 3 January 2018.

We have open and ongoing dialogue with a large universe of our suppliers, providers, intermediaries and clients, helping to ensure any changes are deployed as smoothly and as expediently as they can be.

Set out below are answers to some frequently asked questions.

  1. What is your LEI?

  2. Are you an SI?
    We will not be registering as an SI. Our business is conducted primarily by trading “off book-on Exchange”, meaning we will be reporting our executions to a Trading Venue. By offering no OTC trading we will not be captured by the SI regime.

    We are a Market Maker and Liquidity Provider, as well as an Executing Broker. We will not be classed as a Regulated Market, an MTF or OTF.

  3. Will you offer Assisted Trade Reporting?
    As we will already be bringing our trades “on Exchange” and not trading OTC with any counterparty, we cannot see any requirement for our end clients to report and therefore no need to offer any Assisted Trade Reporting.

  4. How will Transaction Reporting work with you?
    We do not and will not Transaction Report on anyone’s behalf, but will be Transaction Reporting all of our trades with our clients pursuant to our own regulatory obligations. All of our reports will be submitted under the ‘DEAL’ capacity and will be based on single block reports.

  5. What other changes are you making for Order Flow?
    We will be passing relevant Tags on Fix Flow being handled by our hub on our connections, including Last Market and LiquidityIndicators as well as some Post Trade Indicators. Executions are already marked up in milliseconds, and we will be able to accept and pass through Short Selling Flags as well as ensuring we are compliant with relevant Investment/Execution Decision Maker fields for our reporting.

    Our existing Best Execution models have been upgraded, and full TCA and Best Ex Reporting is available. Our obligations underRTS 27 and 28 will also be fully met and published when required.

  6. How will you manage Research Payments?
    All EU-based institutions that are subject to MiFID II will need to pay separately for our Research from January 3rd, 2018. If you would like to discuss the various options available, please contact us.

    For further information, please click on the link below.
    MiFID II – Meeting the Challenges

  7. Have you updated any policies and terms of business?
    All policies and procedural documentation including our Terms of Business, Client Categorisationand Execution Policies have been reviewed and/or updated to ensure full MiFID II compliance and, to the extent they are not already, will be available from November 13th, 2017.

  8. Are you receiving external legal advice?
    Yes. Our internal Legal & Compliance function, external Project Manager, MiFID II Steering Committee, Senior Management and Board are receiving comprehensive, ongoing legal advice from a pre-eminent Global Financial Services law firm on all aspects of the Directive and Regulation.
The above is intended only as a high-level guide to some of the most frequent queries we receive. To the extent required, we will expand this document leading up to and post the implementation of MiFID II.

Should you require further clarification or want to discuss something not mentioned here, please feel free to contact our MiFID II Implementation Team: MIFIDII@canaccordgenuity.com