Search
Showing 4375 results
FIA EPTA response to the ESMA MiFIR Review Consultation on assessment criteria for the CTP selection procedure
FIA EPTA members believe a comprehensive consolidated tape is essential for improving the international competitiveness and accessibility of EU markets to international investors many of whom currently find EU markets too complex and opaque. A comprehensive low cost, real-time, pre-trade CT will support transparency, ameliorate fragmentation and will support liquidity and investor confidence, strengthening EU financial markets.
CONTINUE READINGFIA 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 READINGFIA EPTA response to the ESMA MiFIR Review Consultation on RTS on the Synchronisation of Business Clocks
FIA EPTA members are generally supportive of ESMA’s proposed changes to the RTS on synchronisation of business clocks. In relation to the proposed extension of the clock synchronisation requirements to new entities, in general, we agree with the proposed accuracy levels for APAs, SIs, DPEs and CTPs subject to one exception: we believe that the accuracy levels for SIs with a gateway-to-gateway latency less than one millisecond should be the same as that for trading venues and their participants with the same gateway-to-gateway latency.
CONTINUE READINGFIA outlines how successful derivatives markets will attract investor interest and support the enhancement of the CMU
FIA has published a paper outlining its views on how to support the progress of the European Union’s Capital Markets Union. The paper – Capital Markets Union at a Critical Juncture – sets out the role that derivatives play in effective capital markets. Specifically, FIA believes that centrally cleared derivatives are a key ingredient to building a strong CMU.
CONTINUE READINGFIA outlines how successful derivatives markets will attract investor interest and support the enhancement of the CMU
FIA has published a paper outlining its views on how to support the progress of the European Union’s Capital Markets Union. The paper – Capital Markets Union at a Critical Juncture – sets out the role that derivatives play in effective capital markets. Specifically, FIA believes that centrally cleared derivatives are a key ingredient to building a strong CMU.
CONTINUE READINGTide 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 READINGMargin requirements and liquidity planning: Four case studies in commodity futures
Energy markets have been subject to a series of shocks in the past few years, all of which have had a significant impact on prices of the derivatives traded on these products and as a consequence the margin requirements demanded from traders in the derivatives market.
CONTINUE READINGFIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
It is very important to recognise that prudential regulations have a key impact on the functioning of capital markets and policies should be proportionate and should achieve the right balance between mitigating prudential risk while promoting competition, competitiveness and the overall goal of improving the EU’s capital markets within the CMU.
CONTINUE READINGFIA EPTA response to the ESMA MiFIR Review Consultation on RTS 2 on transparency for bonds, structured finance products and emission allowances
Our members support the objectives of the MiFIR Review to enhance pre and post trade transparency in non-equity instruments. Our members believe that fully operative and genuine post-trade transparency provides significant advantages for both retail and institutional investors such as better, more reliable pricing, lower transaction costs and better liquidity across all trade sizes, including the largest sized block trades.
CONTINUE READINGFIA PTG Comments on OCC Margin Add-On Proposal
In a letter filed with the Securities and Exchange Commission (SEC), the FIA Principal Traders Group (FIA PTG) responded to the Option Clearing Corporation (OCC) Proposal to establish a margin add-on charge to help mitigate the risks of zero-days-to-expiration (0TED) options.
CONTINUE READING