MiFIR Review
MiFIR Review
Context
Reviewing the MiFIR regulation in order to tackle the main transparency and level playing field issues in the securities trading area and enhance the competitiveness of EU capital markets at the international level is a key component of the CMU action plan published in September 2020.
A major objective of the MiFIR review proposal published in November 2021 is the introduction of an EU-wide consolidated tape for shares, bonds, exchange-traded funds (ETFs) and derivatives based on close to real-time data. Secondly, the proposal aims to enhance transparency and ensure a level playing field between execution platforms by banning the execution of small trades on dark pools, reviewing waiver and deferral rules, introducing obligations for systematic internalisers relating to the publication of firm quotes and the matching at midpoint, and banning payment for order flow.
The MiFIR review proposal moreover aims to increase the competitiveness of EU financial markets by removing the open access obligation for exchange traded derivatives (in order to improve legal certainty and suppress disincentives for exchanges to create innovative financial products), by adjusting the scope of the EU share and derivative trading obligations and aligning trading and clearing obligations for derivatives.
Contributions to the policy debate
Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)
Eurofi policy note
Enhancing transparency in EU securities markets - April 2020
Session summaries
MiFIR Review: key pending issues and expected impacts - Prague Financial Forum - September 2022 new
MiFID II / MiFIR review priorities - Paris High Level Seminar - February 2022
Consolidated Tape: prospects for delivery - Paris High Level Seminar - February 2022
EU consolidated tape: next steps - Ljubljana Financial Forum - September 2021
EU Consolidated Tape and European Single Point of Access - Lisbon Virtual Seminar - April 2021
Public and private
sector views
MiFIR Review - September 2022 new
Hanzo Van Beusekom - Dutch Authority for the Financial Markets (AFM) | Carlo Comporti - Commissioner – Commissione Nazionale per le Società e la Borsa | Rodrigo Buenaventura - Spanish Securities and Exchange Commission | Eva Wimmer - Federal Ministry of Finance, Germany | Pierre Chabrol - Ministry of the Economy, Finance and Industrial and Digital Sovereignty of France | Niels Brab - Deutsche Börse Group | Nicholas Bean - Bloomberg Trading Facility BV | Stephen Berger - Citadel | James Hilton - Credit Suisse
MiFID II / MiFIR review priorities - February 2022
Robert Ophèle - Autorité des Marchés Financiers | Markus Ferber - European Parliament | Martina Tambucci - Commissione Nazionale per le Società e la Borsa | Claudia Gonzalez Cabanillas - JP Morgan | Heath Tarbert - Citadel Securities
Consolidated tape: prospects for delivery - February 2022
Hanzo van Beusekom - Dutch Authority for the Financial Markets | Rodrigo Buenaventura - Spanish Securities and Exchange Commission | Nicholas Bean - Bloomberg Trading Facility BV | Quentin van Lidth - BNP Paribas Global Markets | James McKeone - Nasdaq | Gerben Everts - European Investors’ Association
EU consolidated tape: next steps - September 2021
Robert Ophèle - Autorité des Marchés Financiers | Hanzo van Beusekom - Dutch Authority for the Financial Markets | Carmine Di Noia - Commissione Nazionale per le Società e la Borsa | Niels Brab - Deutsche Börse Group | Nicholas Bean - Bloomberg Trading Facility BV | Eric Boess - Allianz Global Investors | Kay Swinburne - KPMG LLP | Stephen Berger - Citadel
Consolidated tape and single access point - April 2021
Hanzo van Beuzekom - Dutch Authority for the Financial Markets | Verena Ross - European Securities and Markets Authority | Natasha Cazenave - Autorité des Marchés Financiers | Stephen Berger - Citadel | Nicholas Bean - Bloomberg | Daniel Mayston - BlackRock | Nicolas Rivard - Euronext