FIA EPTA members consider that MiFID II has greatly strengthened European secondary markets operational resilience, which has been borne out in the recent COVID-19 crisis where EU financial markets have 2 continued to operate in an orderly fashion in spite of very significant volatility and trading volumes. While welcoming the improvements that MiFID II has brought to European financial markets, we remain convinced that further improvements to the MiFID regime are possible and needed. We believe that greater price transparency will enable market participants to be better informed and reduce dependencies upon a limited number of large intermediaries. In particular, we would urge that the transparency regime needs additional consideration.
