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

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Policy position

Capital Markets

MIFID

14 February 2022

EFAMA position MiFIR review - a buy-side view on consolidated and market structure reforms

The European Commission’s proposal on MiFIR establishes the blueprint for a consolidated tape (CT) for Europe’s capital markets. It also significantly alters the competitive market structure brought about by MiFID II by introducing greater transparency requirements. Finally, it addresses important issues around market data costs.

Policy Position

Capital Markets

MIFID

15 December 2021

Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)

We see great value in the creation of a consolidated tape to support Europe’s capital markets. However, we qualify that statement with a reminder that the framework for a successful consolidated tape should

i) address the known market failure around market data costs,

Press Release

Capital Markets

MIFID

Capital Markets Union

25 November 2021

EFAMA welcomes proposal on affordable consolidated tape - The association continues to urge action on market data costs

EFAMA is pleased to read today the details of a robust MiFIR proposal from the European Commission addressing key areas of reform around the creation of a consolidated tape (CT), along with adjustments to transparency requirements on trading. 

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: