FIA European Principal Traders Association responds to the ESMA consultation on MAR Review

29 November 2019

FIA EPTA members support high standards of market integrity and agree with ESMA’s approach in its consultation on the Review of MAR. FIA EPTA members would welcome strengthening the EU regulatory framework for the Spot FX markets but note the need  to take into account the specific product and market structure characteristics of Spot FX, including the global nature of the Spot FX markets. Further, FIA EPTA members would welcome more comprehensive legislative guidance reagrding the disclosure requirements for issuers under MAR. Additionally, FIA EPTA members support ESMA’s objective to clarify what market practices may constitute legitimate pre-hedging activity in relation to the RFQ markets. FIA EPTA members would encourage ESMA to provide further guidance in this area based on our suggestions, in order to reduce slippage costs for investors, strengthen market confidence and ensure a level playing field amongst market makers.

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