28 April 2006

Responses on CESR call for evidence on market transparency data

CESR published the responses received on the call for evidence on consolidation of market transparency data. As a key feature of the MiFID Directive an adequate level of pre- and post-trade information contributes to the effective operation of the market and for investor protection. There is a clear risk of data fragmentation following the implementation of MiFID, which could potentially undermine the transparency objective in MiFID. In order to achieve efficient price discovery and facilitate achievement and monitoring of best execution, information about prices and transactions should ideally be available in a consolidated format. The Directive establishes a framework for the publication of both pre- and post -trade information, but the consolidation of the information from separate sources is left to market forces.

CESR issued the call for evidence and will decide on further action in the next CESR meeting in May 2006.

Responses

© CESR - Committee of European Securities Regulators