Impact on US traders; European MiFID II 2018

Aug, 15 2017

As of January 1, 2018, CTAs and CPOs will be required to have a Legal Entity Identifier (“LEI”) in order to trade on exchanges withing the European Union (“EU”).  This is part of the Markets in Futures Instruments Directive (“MiFID II”) phase beginning in January.  European exchanges will no longer allow CTAs and CPOs to trade without a LEI.

The LEI is a twenty digit number which will be used by your FCM to identify you to an EU exchange when you place a trade.

We strongly encourage you to complete the LEI registration as soon as possible and provide your number to your broker and FCM so that they may input your data into the exchanges prior to the January deadline.  Should you fail to meet the deadline, you will no longer be able to trade on any EU exchange. 

Please contact Turnkey if you would like assistance with the registration process.  The deadline for is January 1, 2018.  Any inquiries should be made to Charlene Osmanski at charlene@turnkeytradingpartners.com.