The market data policies of Europe’s incumbent exchanges “go against the spirit of MiFID provisions”, according to a letter from Equiduct Trading joint-CEO Artur Fischer sent to the Committee of European Securities Regulators (CESR).
“The current status quo does not allow for the benefits of MiFID and increased competition amongst execution venues to be enjoyed equally by all investors,” writes Fischer, who calls for more regulatory guidance to help establish a consolidated tape for aggregating price data in Europe.
CESR issued a call for evidence in November on the workings of MiFID and its impact on Europe’s market structure, in preparation for the European Commission’s upcoming evaluation of the directive’s provisions. Submissions are scheduled to be available on CESR’s website from today.
The lack of a consolidated tape has frustrated buy-side firms since European liquidity started fragmenting to new venues, following the introduction of MiFID in November 2007. Without a consolidated source of pre- and post-trade market data, it can be difficult to establish a clear and precise picture of market activity across multiple venues.
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