MiFIR Review: Priority issues for the trilogue process

25 May 2023

In its latest position paper on the MiFIR Review, FIA EPTA emphasises three critical issues that need to be urgently addressed by Co-legislators to create greater transparency and competitiveness in EU capital markets:

  • Reforms to the EU deferral regime for bonds should aim for a more ambitious level of post-trade transparency in fixed income markets;
  • There needs to be a level playing field across the EU regarding PFOF, either via a complete ban or through rigorous best execution standards and a competitive market structure. This includes prohibiting Single Market Maker practices that undermine the EU level playing field;
  • Creating a comprehensive, low cost, real-time Consolidated Tape for equities in parallel to effective CTs for bonds and OTC derivatives.
  • EPTA
  • Market Structure