Market structure

ADM works with clients to analyse supranational standards and EU regulation (e.g. MiFID II/MiFIR and EMIR) and what these mean for their business.

ADM’s experience with MiFID II/MiFIR issues is extensive. In 2014, ADM helped a major UK bank develop its response to ESMA’s May 2014 MiFID II/MiFIR consultation and discussion papers. And as a senior policy advisor to the International Swaps and Derivatives Association (ISDA) (Jan 2015–Jul 2016), ADM worked with ISDA’s members on several issues that have now been addressed under the MiFID ‘quick fix’ or through changes in the Level 2 technical standards.

In relation to EMIR, ADM worked with a leading UK asset manager to protect the EMIR pension fund exemption from central clearing (EMIR Refit), and to address the EU's proposals (EMIR II) on the location and supervision of central counterparty clearing houses (CCPs). For an EBRD-sponsored project, ADM analysed the key principles underpinning regulation such as the Central Securities Depositories Regulation (CSDR) and Settlement Finality Directive.