MiFID II is the updated version of the original Markets in Financial Instruments Directive (MiFID) which was implemented back in 2007 and designed to regulate financial markets within the EU.
From 3rd January 2018, European Regulators will enforce MiFID and MiFID II to all member states in the EU with the aim to make the European financial markets safer, more transparent and competitive.
The MiFID II framework has a primary focus on Data and requires financial service providers, such as AKFX, to ensure that they are able to record, to report and store data responsibly.
This includes, but not limited to:
1. Client Classifications - National Client Identifiers
All clients of financial service providers must be identified using the most appropriate National Client Identifier (NCI).
Clients of AKFX will receive email correspondence regarding the additional information they are required to submit, the supplied identifiers will be subsequently used as a requirement under MiFID II.
2. Legal Classifications - Legal Entity Identifiers
Entities eligible to be reported with a Legal Entity Identifier (LEI) should be reported with a LEI, this includes AKFX’s corporate customers. If corporate customers are unable to provide a suitable LEI number, then they will be unable to continue trading with AKFX.
3. Transaction Reporting
MiFID Transaction reports are used to monitor for market abuse, the release of MiFID II will introduce a greater emphasis on transaction data as well as enhanced coverage around the client and associated counterparties.
The coverage of reportable instruments has also increased to cover:
• All equities and bonds listed on regulated European markets
• Derivatives contracts of all equities and bonds listed on regulated European markets
In preparation for the enhanced due to take effect on January 3 2018, AKFX are required to verify your nationality if you wish to trade Index, equity, bond and commodity CFD products.
Therefore, If you are a national of (or have dual nationality) of any of the listed countries (see below) we require you to provide a copy of your corresponding National Client Identifier (NCI) document(s) when we request it from you.
You can send copy of the relevant NCI document(s) to our accounts team on .
National Client Identifier Table