EPTA strongly supports the Market Integration and Supervision Package and healthy, efficient and transparent markets in Europe. Increased scale, greater efficiency and genuine end-investor choice are critical to ensure MISP delivers real benefits for investors, issuers and the wider EU economy.
We caution against equity market structure changes that inhibit innovation and competition and we call for recognition of the distinct role of liquidity providers, including SIs.
In particular, EPTA supports the MISP proposals for:
- Expansion of the equity Consolidated Tape to include venue attribution and five levels of pre-trade data
- Increased use of T2S and mandatory interoperability of CSDs
- Safeguards for CCP open access, to guarantee investor choice of cash equity CCPs and end the practice of preferred clearing on major EU equity markets
In addition, EPTA considers that the following are needed:
- Mandatory clearing interoperability for cash equities- Clarification that multilateral venues should allow multiple competing liquidity providers
- Restoration of pre-trade transparency for exchange-traded derivatives (ETD) block trading systems.