MiFID / MiFIR
The Markets in Financial Instruments Directive (MiFID) is a cornerstone of EU financial services legislation and is of direct relevance to asset management companies. In 2014, the European Commission adopted new rules revising MiFID, consisting of a Directive (MiFID II) and a regulation (MiFIR). Overall, MiFID II yielded positive results in terms of liquidity and transparency for investors.
Among possible improvements to the MiFID framework, EFAMA encourages the creation of a well-structured, reasonably priced consolidated tape managed by ESMA and fed by all trading venues and systematic internalisers for all financial instruments. A second, long-term EFAMA objective is better enforcement of data providers’ existing obligation to provide market data on a “reasonable commercial basis”.
FinDatEx supports standardised technical templates
EFAMA’s reply to the EU Commission’s targeted consultation on Market Liquidity in Foreign Exchange Markets
EFAMA's comments on ESMA's CP on integrating sustainability risks and factors in MiFID II
EFAMA response to ESMA’s call for evidence on the Structure of European Equity Markets
Latest Parliament report takes the Market Integration and Supervision Package in the wrong direction
Turning ESMA into an extra supervisor for asset managers is unwarranted, a major distraction, and runs contrary to the EU competitiveness and simplification agendas
Deepening consolidated tape data now, rather than later, would significantly improve the competitiveness of EU capital markets
EFAMA highlights important use cases in latest publication
3 Questions to Rudolf Siebel on Market Data Costs
Q #1 Have you witnessed an increase in the cost of market data over the last couple of years? If so, how can it be explained?
