Ronin Europe

MiFID

What is MiFID

The Markets in Financial Instruments Directive (MiFID) is setting out a new institutional framework of operation for the harmonisation of markets in financial instruments in Europe. Below you may find more detailed information on what it is and how it affects you as an investor.

What is MiFID II? Why MiFID II replaced MiFID I?

The development of financial markets has exposed the need to strengthen the framework for the regulation of markets in financial instruments, including where trading in such markets takes place over-the-counter (OTC), in order to increase transparency, better protect investors, reinforce confidence, address unregulated areas, and ensure that supervisors are granted adequate powers to fulfil their tasks. In order to address the potentially detrimental effect of those weaknesses in corporate governance arrangements, Directive 2004/39/EC (MiFID I) was supplemented by more detailed principles and minimum standards. Those principles and standards took into account the nature, scale and complexity of investment firms. To this end, MiFID I was therefore partly be recast by Directive 2014/65 (MiFID II) and partly replaced by Regulation (EU) No 600/2014 of the European Parliament and the Council (MIFIR). Together, both legal instruments form the legal framework governing the requirements applicable to investment firms, regulated markets, data reporting services providers and third country firms providing investment services or activities in the European Union. MiFID II has effect in the national legislation of EU countries from 3rd of January 2018.

What are some of the new benefits that MiFID II offers to professional and eligible counterparty investors?

Higher protection: Professional clients are allowed to request to investment firms in written non-professional treatment for one or more transactions regarding one or more financial instruments or a total re-categorization to be retail clients. Additionally, eligible counterparties shall have the right to request, either on a general form or on a trade-by-trade basis, treatment as professional or retail clients under specific articles of MiFID II. Product Governance: MiFID II provides that investment firms must act in accordance with the best interests of their clients. Investment firms should accordingly understand the features of the financial instruments offered or recommended and establish and review effective policies and arrangements to identify the category of clients to whom products and services are to be provided. Investment firms which manufacture financial instruments must ensure that those products are manufactured to meet the needs of an identified target market of end clients within the relevant category of clients, take reasonable steps to ensure that the financial instruments are distributed to the identified target market and periodically review the identification of the target market of and the performance of the products they offer. Investment firms that offer or recommend to clients financial instruments not manufactured by them must also have appropriate arrangement in place to obtain and understand the relevant information concerning the product approval process, including the identified target market and the characteristics of the product they offer or recommend. That obligation should apply without prejudice to any assessment of appropriateness or suitability (regarding only retail clients) to be subsequently carried out by the investment firm in the provision of investment services to each client, on the basis of their personal needs, characteristics and objectives. Portfolio management: For portfolio management services the client must be informed where the overall value of the portfolio as evaluated in beginning of each reporting period depreciates 10% and thereafter at multiples of 10% no later than the end of the business day in which the threshold is exceeded. Clients complaints: Under MiFID II, investment firms must implement and maintain effective and transparent procedures for the reasonable and prompt handling of complaints or grievances received also from professional clients and eligible counterparties, keep a record of each complaint or grievance, describe transparently the complaints procedure and measures taken for their resolution, publish a relevant policy and keep a complaint form in the website. OTF: Introduction of new multilateral system titled organized trading facility which is not a regulated market or an MTF and in which multiple third party buying and selling interests in bonds, structured finance products emission allowances or derivatives are able to interact in the system in a way that results in a contract.

What other benefits MIFID II offers?

  • Categorization of investors according to their investment knowledge and experience.
  • Achievement of the best result for the investor in the execution of his/her orders. The client consents to a written Best Execution Policy of the investment firm before the provision of services.
  • Management and mitigation of conflicts of interest. Where some residual risk of detriment to the client’s interests nonetheless remains, clear disclosure to the client of the general nature and/or sources of conflicts of interest to the client and the steps taken to mitigate those risks should be made before undertaking business on its behalf. The client consents to a written Conflicts of interest Policy of the investment firm before the provision of services.
  • Evaluation of the suitability and appropriateness of investment transactions, so that each investor can be presented with the investment solution that is really right for him, and so that he does not undertake greater risk than he would be willing to (for retail clients).
  • Notification of the investor about commissions and possible inducements.
  • Notification for risks incurred when investing.
  • Periodic and annual reporting obligations to clients in relation to their transactions and their assets.
  • Safeguarding of clients financial instruments and funds under strict regulations and appropriate consents where required when clients assets may lose the protection of MiFID II standards.

Which services does the MiFID concern?

Main services:

  1. Reception and transmission of orders in relation to one or more financial instruments
  2. Execution of Orders on Behalf of clients
  3. Dealing on Own Account
  4. Portfolio Management
  5. Investment Advice

Ancillary services:

  1. Safekeeping and administration of financial instruments, including custodianship and related services
  2. Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
  3. Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings
  4. Foreign exchange services where these are connected to the provision of investment services
  5. Services Related to Underwriting
  6. Investment services and activities as well as ancillary services where these are connected to the provision of investment or ancillary services.

Which financial instruments does the MiFID concern?

  1. Transferable securities
  2. Money-market instruments
  3. Units in collective investment undertakings;
  4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;
  5. Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
  6. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, an MTF or OTF, except for wholesale energy products traded on an OTF that must be physically settled;
  7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 herein and not being for commercial purposes, which have the characteristics of other derivative financial instruments;
  8. Derivative instruments for the transfer of credit risk;
  9. Financial contracts for differences;
  10. Options, futures, swaps, forward-rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this term herein, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF, or an MTF;

MiFID Download page

Attention of Professional Clients

Attention of Eligible Counterparties

Post Trade Transparency

Parameter
Value
Trading Date/Time
17.03.2017
Buy/Sell
Buy
Trading Capacity
own
ISIN
US105756BX78
Instrument Type
Bond Eurobond
Maturity date
07.04.2026
Nominal
1 000
Quantity
750 000
Quantity notation
USD
Price notation
%
Total Amount
827 500,00
Counterparty
RONIN EUROPE LIMITED
Venue Identif.
OTC
Ref. #
C-7317-0006
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
17.10.2016
Buy/Sell
Buy
Trading Capacity
own
ISIN
US900123CK49
Instrument Type
Bond Eurobond
Maturity date
09.10.2026
Nominal
1 000
Quantity
500 000
Quantity notation
USD
Price per Unit
100.99
Price notation
%
Total Amount
505 762,50
Counterparty
RONIN EUROPE LIMITED
Venue Identif.
OTC
Ref. #
C-6A17-0013
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
28.04.2016
Buy/Sell
Buy
Trading Capacity
own
ISIN
US91911TAM53
Instrument Type
Bond Eurobond
Maturity date
11.01.2022
Nominal
1 000
Quantity
1 000 000
Quantity notation
USD
Price per Unit
92.5
Price notation
%
Total Amount
938 125,00
Counterparty
RONIN EUROPE LIMITED
Venue Identif.
OTC
Ref. #
C-6428-0018
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
28.01.2016
Buy/Sell
Buy
Trading Capacity
own
ISIN
XS0551315384
Instrument Type
Bond Eurobond
Maturity date
25.10.2017
Nominal
1 000
Quantity
4 000 000
Quantity notation
USD
Price per Unit
104.25
Price notation
%
Total Amount
4 239 233,33
Counterparty
RONIN EUROPE LIMITED
Venue Identif.
OTC
Ref. #
C-6127-0016
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
28.01.2016
Buy/Sell
Buy
Trading Capacity
own
ISIN
XS0089375249
Instrument Type
Bond Eurobond
Maturity date
24.07.2018
Nominal
1 000
Quantity
2 000 000
Quantity notation
USD
Price per Unit
117
Price notation
%
Total Amount
2 342 444,44
Counterparty
RONIN EUROPE LIMITED
Venue Identif.
OTC
Ref. #
C-6127-0015
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
15.09.2015
Buy/Sell
Buy
Trading Capacity
Own
ISIN
XS0842078536
Instrument Type
Bond Eurobond
Maturity date
17.10.2022
Nominal
1 000
Quantity
1 000 000
Quantity notation
USD
Price per Unit
87,00
Price notation
%
Total Amount
898 958,33
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-5915-0041
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
20.05.2014
Buy/Sell
Sell
Trading Capacity
own
ISIN
US912828WE61
Instrument Type
Federal Eurobond
Maturity date
15.11.2023
Nominal
100
Quantity
2 100 000
Quantity notation
USD
Price per Unit
100,625
Price notation
%
Total Amount
2113909,65
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4520-0005
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
20.05.2014
Buy/Sell
Sell
Trading Capacity
own
ISIN
US912828TY62
Instrument Type
Federal Eurobond
Maturity date
15.11.2022
Nominal
1 000
Quantity
1 000 000
Quantity notation
USD
Price per Unit
93,45
Price notation
%
Total Amount
934720,79
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4520-0003
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
19.05.2014
Buy/Sell
Sell
Trading Capacity
own
ISIN
US912828VS66
Instrument Type
Federal Eurobond
Maturity date
15.08.2023
Nominal
100
Quantity
1 000 000
Quantity notation
USD
Price per Unit
99,558
Price notation
%
Total Amount
1002002,65
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4519-0011
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
16.05.2014
Buy/Sell
Sell
Trading Capacity
own
ISIN
US912828VS66
Instrument Type
Federal Eurobond
Maturity date
15.08.2023
Nominal
100
Quantity
500 000
Quantity notation
USD
Price per Unit
99,58
Price notation
%
Total Amount
501007,73
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4516-0004
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
13.05.2014
Buy/Sell
Buy
Trading Capacity
own
ISIN
US912828WE61
Instrument Type
Federal Eurobond
Maturity date
15.11.2023
Nominal
100
Quantity
2 100 000
Quantity notation
USD
Price per Unit
100,625
Price notation
%
Total Amount
2141840,47
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4513-0029
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
13.05.2014
Buy/Sell
Buy
Trading Capacity
own
ISIN
US912828TY62
Instrument Type
Federal Eurobond
Maturity date
15.11.2022
Nominal
1 000
Quantity
1 000 000
Quantity notation
USD
Price per Unit
93,45
Price notation
%
Total Amount
942535,22
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4513-0005
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
12.05.2014
Buy/Sell
Buy
Trading Capacity
own
ISIN
US912828VS66
Instrument Type
Federal Eurobond
Maturity date
15.08.2023
Nominal
100
Quantity
1 500 000
Quantity notation
USD
Price per Unit
99,6
Price notation
%
Total Amount
1503012,43
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-4512-0041
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
16.08.2012
Buy/Sell
Sell
Trading Capacity
own
ISIN
XS0454897363
Instrument Type
Bond
Maturity date
29.09.2014
Nominal
1 000
Quantity
2 000 000
Quantity notation
USD
Price per Unit
106,3125
Price notation
%
Total Amount
2184430,56
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-3816-0037
Negotiated Trade
yes
Cancellation Flag
none
Parameter
Value
Trading Date/Time
17.05.2012
Buy/Sell
Buy
Trading Capacity
own
ISIN
XS0782720402
Instrument Type
Bond
Maturity date
21.05.2022
Nominal
1 000
Quantity
1 000 000
Quantity notation
USD
Price per Unit
99,08
Price notation
%
Total Amount
990 800,00
Counterparty
Ronin Europe Limited
Venue Identif.
OTC
Ref. #
C-2517-0005
Negotiated Trade
yes
Cancellation Flag
none

Corporate Governance

  Composition of Nomination Committee

  • Mr. Costas Tsielepis, Non-executive Director, Chairman
  • Mr. Alexandros Papadopoulos, Non-executive Director, Member
  • Mr. Vasiliy Fedorov, Managing director Ronin LLC, Member
  • Mr. Yuliy Shleper, CFO Ronin Group, Member

  NOMINATION COMMITTEE POLICY 2017   Composition of Remuneration Committee

  • Mr. Costas Tsielepis, Non-executive Director, Chairman
  • Mr. Alexandros Papadopoulos, Non-executive Director, Member
  • Mr. Vasiliy Fedorov, Managing director Ronin LLC, Member
  • Mr. Yuliy Shleper, CFO Ronin Group, Member

  REMUNERATION POLICY 2018