FIA EPTA response to the ESMA consultation on MiFID II/ MiFIR review report on the transparency regime for equity and equity-like instruments, the DVC and the trading obligations for shares

17 March 2020

FIA EPTA supports transparent, robust and safe markets with a level playing field and appropriate regulation for market participants. We consistently support the aim of the market structure reforms laid out in MiFID II/MiFIR. As liquidity providers, FIA EPTA members have adapted to the evolving European equities market structure and the regulatory changes thereto. FIA EPTA members strongly support the application of pre-trade transparency as a key mechanism to ensure efficient price formation across execution venues. FIA EPTA members favour the establishment of an EU wide Consolidated Tape as mandated in MiFID II. A Consolidated Tape could mitigate the trend of growing trading during the closing auction. This would help to increase the reliability of the price discovery process for market participants and improve execution quality for end-investors over the course of the trading day.