FESE response to CESR consultation on Second Mandate for MiFID Implementation Measures

28 January 2005

The Federation of European Securities Exchanges (FESE) released its response to the CESR Consultation on the on second mandate for MiFID implementation measures, focussing on the issue of display of client limit orders and on pre-trade transparency for internalisers. However, FESE was surprised to read that the MiFID “is intended to deliver an effective ‘single passport’ for investment firms and Regulated Markets”.

According to FESE, and as far as passporting is concerned, the MiFID does not do more for Regulated Markets than the (old) ISD, namely allowing them to link up Remote Members. It expressly provides no passport for market operators, but invites and obliges host country competent authorities to co-operate with the Regulated Market’s home competent authority as soon as “substantial importance” is attested to that market’s operations in the host country. FESE has already extensively and critically commented on this topic in their response to CESR’s first consultation paper on the first.

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