Market Structure
-
Market data users have identified important gaps in plans for EU consolidated tape
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.
CONTINUE READING -
Exchange outages highlight need for stronger action on market outage protocols in Europe
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.
CONTINUE READING -
EPTA responds to FCA on SI regime for bonds and derivatives plus equity 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).
CONTINUE READING -
FIA EPTA responds to ESMA consultation on derivatives transparency
FIA EPTA urges no step back in post-trade transparency in derivatives, in response to an ESMA consultation on revising RTS under the MiFIR review.
CONTINUE READING -
EU T+1 Industry Committee publishes road map for T+1 settlement transition
The EU T+1 Industry Committee has published a high-level road map for the transition to a T+1 settlement cycle for securities on 11 October 2027. The road map contains a set of recommendations developed collaboratively by association representatives and workstream leads from various industry segments.
CONTINUE READING -
FIA EPTA responds to ESMA consultation on amendments to settlement discipline in preparation for T+1
FIA EPTA has submitted a response to the European Securities and Markets Authority’s Consultation Paper on proposed amendments to Regulatory Technical Standards on Settlement Discipline. ESMA has proposed the RTS, which come under the Central Securities Depositories Regulation (CSDR), as part of the Refit process to improve efficiency of regulation, as well as to prepare for a shorter settlement period of T+1.
CONTINUE READING -
High-level roadmap for adoption of T+1 in EU securities markets
The European T+1 Industry Task Force, comprising 21 trade associations involved in European capital markets, has published a report titled "High-level Roadmap for Adoption of T+1 in EU Securities Markets."
CONTINUE READING -
FIA EPTA response to the ESMA Third Consultation Package on MiFIR Level 2 measures
FIA EPTA response to the first section of ESMA’s Third Consultation Package on MiFIR Level 2 measures. This package includes proposed changes to RTS 1, the Liquid Market definition and equity CTP input/output requirements. FIA EPTA’s response is confined to the proposals regarding SI equity pre-trade transparency in RTS 1.
CONTINUE READING -
Tide of Change: Enhancing Liquidity Provision to the European Economy
FIA EPTA has released its policy recommendations for 2024-29, under the title Tide of Change: Enhancing Liquidity Provision to the European Economy. The EU urgently needs to bolster its capital markets to achieve its strategic objectives for a safe, green and prosperous future for its citizens. To grasp the opportunities ahead and ensure the success of the Savings and Investment Union, the EU needs capital markets with deep and diverse liquidity.
CONTINUE READING -
FIA EPTA response to the ESMA MiFIR Review Consultation on the Draft RTS on Reasonable Commercial Basis
As high-volume consumers of a variety of wholesale market data products, our members support regulatory efforts to bring more transparency to market data pricing and fairness to commercial practices. We welcome ESMA’s efforts to strengthen this framework through the proposals set out in the consultation paper and draft RTS. In order for these proposals to be effective in practice, supervisory convergence is essential particularly regarding scrutiny of data providers’ approach to implementing the fees, costs and margin provisions. Adequate supervision and enforcement of this RTS across all NCAs is also essential for it to be effective.
CONTINUE READING
