EPTA News
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FIA EPTA response to the ESMA MiFIR Review Consultation on the Draft RTS on Reasonable Commercial Basis
As high-volume consumers of a variety of wholesale market data products, our members support regulatory efforts to bring more transparency to market data pricing and fairness to commercial practices. We welcome ESMA’s efforts to strengthen this framework through the proposals set out in the consultation paper and draft RTS. In order for these proposals to be effective in practice, supervisory convergence is essential particularly regarding scrutiny of data providers’ approach to implementing the fees, costs and margin provisions. Adequate supervision and enforcement of this RTS across all NCAs is also essential for it to be effective.
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FIA EPTA response to the ESMA MiFIR Review Consultation on RTS 2 on transparency for bonds, structured finance products and emission allowances
Our members support the objectives of the MiFIR Review to enhance pre and post trade transparency in non-equity instruments. Our members believe that fully operative and genuine post-trade transparency provides significant advantages for both retail and institutional investors such as better, more reliable pricing, lower transaction costs and better liquidity across all trade sizes, including the largest sized block trades.
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FIA EPTA response to the ESMA MiFIR Review Consultation on RTS on the Synchronisation of Business Clocks
FIA EPTA members are generally supportive of ESMA’s proposed changes to the RTS on synchronisation of business clocks. In relation to the proposed extension of the clock synchronisation requirements to new entities, in general, we agree with the proposed accuracy levels for APAs, SIs, DPEs and CTPs subject to one exception: we believe that the accuracy levels for SIs with a gateway-to-gateway latency less than one millisecond should be the same as that for trading venues and their participants with the same gateway-to-gateway latency.
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FIA EPTA response to the ESMA MiFIR Review Consultation on assessment criteria for the CTP selection procedure
FIA EPTA members believe a comprehensive consolidated tape is essential for improving the international competitiveness and accessibility of EU markets to international investors many of whom currently find EU markets too complex and opaque. A comprehensive low cost, real-time, pre-trade CT will support transparency, ameliorate fragmentation and will support liquidity and investor confidence, strengthening EU financial markets.
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FIA EPTA’s Sandra Burggraf appointed to EBA Banking Stakeholder Group
FIA European Principal Traders Association is pleased to announce that Sandra Burggraf, Senior Policy Advisor – Prudential Regulation & Risk, has been appointed to the European Banking Authority’s Banking Stakeholder Group (EBA BSG).
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FIA EPTA Response to the IOSCO consultation report - Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices
The trend towards the de-mutualization of exchanges that began in the early 2000s has resulted in the most significant European exchanges being for-profit organisations. There has also been substantial consolidation amongst exchanges in Europe arising from acquisitions by other exchanges. Furthermore, there have been acquisitions by exchanges of entities not involved or only peripherally involved in exchange-type activities resulting in a significant dilution of the importance of revenues arising from execution fees to the overall revenues of the groups operating these exchanges.
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FIA EPTA response to the FCA Consultation Paper on Extending the Sustainability Disclosure Requirements (SDR) regime to Portfolio Management (CP24/8**)
FIA EPTA members welcome the actions and responsibilities taken by the FCA, FIA EPTA members believe that the sustainability disclosure requirements are important and needed to build trust in ESG/Sustainable products and help (end)investors make meaningful investment decisions.
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FIA EPTA responds to FCA proposal on publicising enforcement investigations
FIA EPTA has responded to the UK Financial Conduct Authority’s public consultation on changes to its approach to enforcement investigations. The proposed changes include the FCA publicly announcing the opening of an investigation and disclosing the identity of the subject of the investigation where it considers this to be in the public interest. While the associations support the FCA’s commitment to making its activities more transparent, they are concerned that the proposed approach will be detrimental to the orderly functioning of UK capital markets with limited value to public interest.
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FIA EPTA response to the ESMA Consultation Paper on the draft Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments
FIA EPTA members welcome the aim to provide general conditions and clarity on the divergence between financial instruments and crypto-assets. However, FIA EPTA members believe that in the suggested approach by ESMA, there is too much focus and room for interpretation for NCAs, we believe that clear criteria from ESMA are critical to define the regulatory perimeter between MiFID II and MiCAR.
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New paper identifies unreported segment of liquidity in European equity markets
A new paper published by FIA European Principal Traders Association identifies an entire segment of equity activity in both EU and UK markets that is currently unreported. Consequently, European share trading volumes are perceived by the market, including global investors and issuers, as being significantly lower than they actually are.
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