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Enhancing competitiveness and transparency / MiFIR Review

Context

Reviewing the MiFIR regulation in order to tackle the main transparency and level playing field issues in the securities trading area and enhance the competitiveness of EU capital markets at the international level is a key component of the CMU action plan published in September 2020.

A major objective of the amended MiFIR regulation adopted in 2023 is the introduction of an EU-wide consolidated tape (CT), which will be implemented in a phased way starting with the bond CT, followed by the equity and exchange-traded funds (ETFs) CTs and the derivatives CTs. A ban on payment for order flow (PFOF) practices in the EU will also be implemented, except in countries where this practice is already significantly used, with an objective to achieve a total ban in the EU by June 2026.

The MiFIR review includes a number of other measures to enhance the transparency and structure of EU securities markets. These measures concern the waivers and dark trading caps for equity and ETF transactions, deferrals for non-equity instruments, the rules applying to systematic internaliser (SI) platforms and share and derivative trading obligations (STO and DTO).

The MiFIR review moreover aims to increase the competitiveness of EU financial markets by removing the open access obligation for exchange traded derivatives (in order to improve legal certainty and suppress disincentives for exchanges to create innovative financial products), by adjusting the scope of the EU share and derivative trading obligations and aligning trading and clearing obligations for derivatives.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Eurofi Views Magazine chapters

Competitiveness of EU capital markets - February 2024 new

Eva Wimmer - Federal Ministry of Finance, Germany | Francesco Ceccato - Barclays Europe | Nick Dutton - Cboe Europe | Virginie Saade - Citadel

Securities trading: market structure and transparency evolutions - September 2023

Carlo Comporti - Commissione Nazionale per le Società e la Borsa (CONSOB) | Hanzo Van Beusekom - Dutch Authority for the Financial Markets | Carl Magnus Magnusson - Organisation for Economic Co-operation and Development (OECD) | Beatriz Alonso-Majagranzas - SIX Group

Consolidated Tape proposals - September 2023

Hanzo Van Beusekom - Dutch Authority for the Financial Markets | Niels Brab - Deutsche Börse Group | Nicholas Bean - Bloomberg Trading Facility BV

MiFIR review - April 2023

Verena Ross - European Securities and Markets Authority (ESMA) | Prof. Danuta Hübner - European Parliament | Carlo Comporti - Commissione Nazionale per le Società e la Borsa (CONSOB) | Niels Brab - Deutsche Börse Group | James McKeone - Nasdaq | Nicholas Bean - Bloomberg Trading Facility BV

EU capital market competitiveness and integration - April 2023

Harald Waiglein - Federal Ministry of Finance, Austria | Natasha Cazenave - European Securities and Markets Authority (ESMA) | Francesco Ceccato - Barclays Europe | Stéphane Boujnah - Euronext | Jan Boomars - Optiver

MiFIR Review - September 2022

Hanzo Van Beusekom - Dutch Authority for the Financial Markets (AFM) | Carlo Comporti - Commissioner – Commissione Nazionale per le Società e la Borsa | Rodrigo Buenaventura - Spanish Securities and Exchange Commission | Eva Wimmer - Federal Ministry of Finance, Germany | Pierre Chabrol - Ministry of the Economy, Finance and Industrial and Digital Sovereignty of France | Niels Brab - Deutsche Börse Group | Nicholas Bean - Bloomberg Trading Facility BV | Stephen Berger - Citadel | James Hilton - Credit Suisse

MiFID II / MiFIR review priorities - February 2022

Robert Ophèle - Autorité des Marchés Financiers | Markus Ferber - European Parliament | Martina Tambucci - Commissione Nazionale per le Società e la Borsa | Claudia Gonzalez Cabanillas - JP Morgan | Heath Tarbert - Citadel Securities

Consolidated tape: prospects for delivery - February 2022

Hanzo van Beusekom - Dutch Authority for the Financial Markets | Rodrigo Buenaventura - Spanish Securities and Exchange Commission | Nicholas Bean - Bloomberg Trading Facility BV | Quentin van Lidth - BNP Paribas Global Markets | James McKeone - Nasdaq | Gerben Everts - European Investors’ Association

EU consolidated tape: next steps - September 2021

Robert Ophèle - Autorité des Marchés Financiers | Hanzo van Beusekom - Dutch Authority for the Financial Markets | Carmine Di Noia - Commissione Nazionale per le Società e la Borsa | Niels Brab - Deutsche Börse Group | Nicholas Bean - Bloomberg Trading Facility BV | Eric Boess - Allianz Global Investors | Kay Swinburne - KPMG LLP | Stephen Berger - Citadel

Consolidated tape and single access point - April 2021

Hanzo van Beuzekom - Dutch Authority for the Financial Markets | Verena Ross - European Securities and Markets Authority | Natasha Cazenave - Autorité des Marchés Financiers | Stephen Berger - Citadel | Nicholas Bean - Bloomberg | Daniel Mayston - BlackRock | Nicolas Rivard - Euronext