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”.

Related policy positions

Topic

year

Keywords

Press Release

Capital Markets

MIFID

Capital Markets Union

Data

21 October 2025

Market data users have identified important gaps in plans for EU consolidated tape

List of recommendations show what is needed to ensure a successful tape.

Statement

12 April 2024

EFAMA & EFSA joint letter on FCA wholesale market data study

The FCA’s recent report on the wholesale data market is an important and high-quality study which echoes many long-standing buy-side concerns. It finds evidence of unequal market power in terms of market concentration, highly profitable margins, opaque pricing practices, excessive charging, bundling practices and complex licensing agreements, all of which negatively impact data users. Much of this data is indispensable for users to stay in business and fulfil regulatory obligations.

Press Release

MIFID

23 June 2023

Joint trade associations urge policymakers not to concede to suboptimal outcomes in MiFIR review

EU asset managers, banks and brokers are today urging policy makers not to concede to pressure which will lead to suboptimal outcomes in the review of the Markets in Financial Instruments Directive (MiFID/R).

European asset managers express full support for the European Parliament’s proposal on Equities Consolidated Tape (MiFIR Review)

18 European buy-side firms, including Union, Generali, Invesco, Legal and General, Schroders and Baillie Gifford, have today declared their full support for the European Parliament’s proposal on the Equities Consolidated Tape. In a letter to policymakers, they state that only an Equities/ETFs tape that delivers data in real-time and that includes pre-trade data in the form of 5 layers of best bid and offer, will meet with the necessary market demand to make the Equities/ETFs Consolidated Tape commercially viable.

Press Release

European Parliament building in Brussels with EU flags flying against a sunny background

17 January 2023

MiFIDII/MiFIR review will be key to the future success and competitiveness of the EU’s capital markets

The ongoing review of MiFIDII/MiFIR is an important moment for the future success of the Capital Markets Union project. The European Council adopted their position at the end of last year and the European Parliament is currently debating these future rules, with the expectation of a draft report by the end of the month.

Policy Position

European Parliament in Brussels with the EU flags flying against a sunny background

17 January 2023

MiFIDII/ MiFIR review - EFAMA-BVI-EFSA-NSA priorities

The MiFID/MiFIR review will be key to the future success and competitiveness of the EU's capital markets.

With international competition for investment heating up markedly, European legislators need to ensure that EU regulation is helping, and not hindering, capital market growth and participation.

Various European trade associations representing EU capital markets, including EFAMA, BVI, EFSA and NSA, have published a letter outlining their main priorities for the review. This includes the following core elements: