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”.
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
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.
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.
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:
The availability of a real-time consolidated tape in Europe is critical for the success of the CMU
EFAMA members are paying close attention to the ongoing discussions in the European Parliament and Council to reach a compromise on the MiFID review. Together with a broad majority of market participants, including the sell-side and alternative trading venues, we have consistently made the case for a real-time tape for equities with the inclusion of pre and post-trade data.
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?
