Market Structure

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.

EPTA has responded to the FCA’s Consultation on the framework for a UK equity consolidated tape. We support the proposed inclusion of post-trade data and an attributed top of book for pre-trade quotes, as a compromise to begin operations whilst building for a future that would optimally including five layers of pre-trade data.

EPTA has responded to the FCA Consultation Paper on the UK Short Selling Regime. The response is generally in favour of the proposed changes while suggesting some further reforms to meet their objective, which is to reduce the operational burden on firms and make the SSR fit for the UK market.

EPTA has joined with EFAMA and Adamantia in authoring a set of recommendations on what is needed to ensure a successful consolidated tape for equities and exchange-traded funds. A well-functioning tape will help investors make better-informed decisions, tying in with the goals of the Savings and Investment Union.

FIA EPTA has joined AFME and EFAMA in a call on stock exchanges to improve outage management. The associations set out four priorities to support more resilient markets.

EPTA has responded to the Financial Conduct Authority regarding its consultation paper on the SI regime for bonds and derivatives, including a discussion paper on equity markets (CP 25/20).