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”.
Associations Letter: Integration of sustainability factors and risks into MiFID II IDD and Solvency II
EFAMA responds to EC draft DA on integration of ESG into MiFID II
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.
EFAMA responses to the discussion questions within the IOSCO report “corporate bond markets – drivers of liquidity during covid-19 induced market stresses”
EFAMA is appreciative of the opportunity to comment on this major IOSCO study on the dynamics of bond market liquidity during market stresses. We provide some detailed responses below, but would reiterate a few high-level points here:
EFAMA – the urgency behind a consolidated tape for Europe | A buy-side view on consolidated tape and market structure reforms
The European Fund and Asset Management Association (EFAMA) has today published its position paper on the European Commission’s proposed Markets in Financial Instruments Regulation review which establishes a blueprint for a consolidated tape (CT) across Europe’s capital markets.
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?
