EU MiFID II: Transforming Financial Markets Training

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Course Summary

MiFID II reshaped how European trading works, from where deals happen to what firms must disclose. This Ethena course shows your team how the directive governs venues, dark pools, systematic internalizers, transparency, and the trading obligation.

What MiFID II set out to fix
Trading venues and dark pool limits
How systematic internalizers operate
Transparency and trading obligation rules

Included Modules:

What MiFID II Was Designed to Achieve

Explains the EU’s revised Markets in Financial Instruments Directive and its goals of stronger investor protection, fairer markets, and transparency.

MiFID II and Where Trading Happens

Looks at how MiFID II pushes more trading onto regulated venues and reduces opaque over-the-counter dealing across European financial markets.

Comparing Venue Types Under MiFID II

Compares regulated markets, multilateral trading facilities, and organised trading facilities, showing how MiFID II defines each venue and the rules they follow.

MiFID II and the Regulation of Dark Pools

Explains how MiFID II controls dark pool trading through the double volume cap, limiting trades that happen without pre-trade price transparency.

What Is a Systematic Internalizer?

Defines a systematic internalizer under MiFID II as a firm that trades against client orders from its own book outside a regulated venue.

MiFID II Transparency Obligations

Covers the pre-trade and post-trade transparency rules MiFID II imposes, requiring firms to publish quotes and report executed trades to the market.

Complying with the MiFID II Trading Obligation

Explains the MiFID II trading obligation, which requires certain shares and derivatives to be traded only on approved venues rather than off-exchange.

Why is this training important for workplaces?

MiFID II sets the rules for how firms across the EU handle investment services, from best execution and trade reporting to transparency about costs and conflicts of interest. When teams don’t understand these obligations, they risk mishandling client orders, missing reporting deadlines, and drawing regulatory fines and reputational damage. This training helps employees apply the rules correctly so the firm treats clients fairly, keeps accurate records, and stays on the right side of regulators.

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