The group, called the Joint Trade Association Group and described as an "informal committee" of lobby groups, is being chaired by Anthony Belchambers, a former chief executive of the Futures Industry Association, according to a document seen by Financial News.
In the document, the group said it had "decided that the severity of the workload generated by MiFID II and the need to avoid unnecessary duplication across the resources of the trade associations and their member firms meant that developing responses to MiFID consultations, called for the development of a joint approach".
Other associations in the group include the Association for Financial Markets in Europe, the British Bankers' Association, the British Private Equity & Venture Capital Association, the International Capital Market Association, the Investment Management Association, the International Swaps and Derivatives Association and the Wholesale Markets Brokers' Association.
Belchambers confirmed the formation of the group and said it had been created in recent weeks to pool efforts on the MiFID II consultation, which kicked off late last month.
He said: "As a group of trade associations we all realise we need to coordinate closely in responding to the hundreds of questions posed by the Esma consultation. By splitting the work, we can build consensus in certain areas, avoid unnecessary duplication and make the lives of regulators a lot simpler."
Belchambers added the group was planning to contact other types of firms: "We are in the process of reaching out to exchanges and other market infrastructure providers with the aim of seeing where we can work with them on market facing issues."
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