The consultation may provide important information to CESR on key aspects for this year’s MiFID review. CESR seeks information on high frequency trading, sponsored access, co-location services, fee structures, tick size regimes and indications of interest.
More than two years have passed since the implementation of the Markets in Financial Instruments Directive (MiFID). The Committee of European Securities Regulators (CESR) conducted a first evaluation of the workings of the new regulatory framework and its impact on market structure in equity secondary markets early 2009. The respective report on the impact of MiFID on equity secondary markets functioning was published on 10 June 2009.
In its report CESR raised a number of issues which will be addressed in the context of its MiFID review work. However, since the publication of CESR‟s report a number of technology-driven developments have intensified such as high frequency trading, sponsored access and co-location. Although these topics were not explicitly included within either the aforementioned CESR report or the MiFID Article 65 review clauses, CESR intends to assess these developments in greater depth due to their potential effects on overall equity market structure and the efficiency of those markets in the EU.
To assist this process, CESR is undertaking an evidence-collecting exercise. This will help it in assessing the impact of some of the latest developments in European equity markets and may also inform aspects of this year’s MiFID review (or any other CESR work streams, if appropriate). Specifically, CESR seeks information on the issues listed below:
- high frequency trading
- sponsored access
- co-location services
- fee structures
- tick size regimes
- indications of interest
Deadline for comments is 30 April 2010
© CESR - Committee of European Securities Regulators
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article