Enhancing competitiveness and transparency / MiFIR Review
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.
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Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)
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