FESE first response to CESR’s Consultation on MiFID Implementation Measures

20 September 2004

The Federation of European Securities Exchanges (FESE) issued its first response on CESR’s consultation on MIFID and is among others calling for more clarity on the interpretation of certain articles and more information to be given by intermediaries to their clients about internalisers and internalisation.

FESE disagrees with CESR’s proposals to display full order depth and to produce aggregate post-trade info. Also, the fragmentation of pre- and post-trade information must not lead to a quality loss. Finally, FESE sees little necessity to include in European legislation a detailed list of scenarios when regulators would be forced to co-operate. According to FESE, some of the proposals go far beyond what is justifiable and necessary.

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