Our Approach to


The Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) entered into force on 3rd January 2018. This new regulatory package is a fundamental change for the EU financial markets: adaptation in markets structures; strengthening of MiFID I requirements in terms of transparency and reporting to limit dark trading and enable consolidated tape across EU; strengthening high standards of investor protection throughout the EU.

The MiFID II regulatory package applies to those financial services businesses undertaking MiFID II business anywhere in the EU as well as those providing services cross-border. This includes investment firms, trading venues, data reporting service providers and third-country firms providing investment services or performing investment activities within the EU.

With the entry into force of MiFID 2 and MiFIR, HPC SA became a MiFID II Investment Firm, operating from Paris and London through its UK Branch. HPC SA has further decided to operate an Organised Trading Facility (OTF) for a number of its non-listed products.

Our approach to


In order to meet its new obligations under MiFID II and for the venue it will operate, HPC SA requires for the entity it enters business with to a valid LEI (Legal Entity Identifier). To get your LEI information, please visit: https://www.gleif.org/en/.

Pursuant to the regulation, HPC SA will :

  • record all client orders (including voice) and keep them at the disposal of the local regulator;
  • allow clients to benefit from all appropriate protection depending on their MiFID II classification (Professional or Eligible Counterparty) such as best execution, costs & charges disclosure, fair and clear order handling rules, record keeping and transparency.
  • report to the national competent authorities all transactions subject to the obligation to report transaction.

Where you trade on the OTF that is operated by HPC SA, you will be required to provide the Personal Identity Information (PII) of persons within your firm that are responsible for the decision or execution of trades.

To learn more about HPC SA OTF, please see our Organised Trading Facility page.