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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)

Public and private
sector views

MiFID II / MiFIR review priorities - February 2022 new

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 new

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