New regulatory changes arising from MiFID II mean significant changes in 2018 for the financial industry. Kyte Broking has received FCA approval to operate an OTF Trading Venue in 2018.
The operation of an OTF is regarded as complementary to our established exchange execution services. The opportunity to execute on the OTF and/or bilaterally will be key for brokers going forward. We are one of the few independents and we welcome the challenges and opportunities presented in the MiFID II world.
On 5 April 2018, Kyte Broking issued a Market Notice (18/001) advising Members and Clients that the rulesbook for Kyte Broking Organised Trading Facility (« KBL OTF ») has been amended and effective immediately. Full notice can be read here.
Waivers / Deferrals:
The trading venue operated by Kyte Broking Limited will fulfil their transparency obligations through the publication of all relevant orders and trades, subject to the exercise of pre-trade transparency waivers and post-trade transparency deferrals as granted by the FCA.
Kyte has been approved the below pre-trade waivers and post-trade deferrals:
Article 9(1)(a) of MiFIR in respect of orders that are large in scale compared with normal market size
Article 9(1)(a) of MiFIR in respect of orders held in an order management facility of the trading venue pending disclosure (iceberg)
Article 9(1)(b) of MiFIR (SSTI)
Article 9(1)(c) of MiFIR in respect of other financial instruments for which there is not a liquid market
Indefinite Aggregation- Article 11(3c) of MiFIR
Deferred Publication – Article 11(3b) of MiFIR
The publication of pre- and post-trade transparency data is being undertaken by TRAX and can be found at: www.traxapa.com