Position papers

Response to Commission Consultation on European Supervisory Authorities

Created: Tuesday, 23 May 2017 09:02

FESE has primarily worked with ESMA as they are the ESA focused on financial markets issues and are comprised of the National Competent Authorities that supervise exchanges. Overall, our view of the working of ESMA is quite positive, however, given their increased workload and the impending application of new markets regulation such as MiFID II / MiFIR, we consider that this review is timely in order to ensure that ESMA can fulfil its function properly.

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Response to the European Commission ‘Capital Markets Union Mid-Term Review'

Created: Thursday, 23 March 2017 15:14

The Response to the European Commission Consultation Document 'Capital Markets Union Mid-Term Review' is available here.

Response to ESMA Consultation on Package Transactions

Created: Tuesday, 03 January 2017 11:55

In its response, FESE argues that the proposal by ESMA would result in a more restrictive pre-trade transparency regime for package orders than for individual transactions. The proposed approach would result in the vast majority of exchange traded derivatives packages being determined as liquid, meaning the waiver could not be applied to them. Furthermore, the proposed methodology concentrates on characteristics of individual components of the package rather than assessing the package as a whole.

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Response to ESMA Consultation Paper on Guidelines on the calibration, publication and reporting of trading halts

Created: Tuesday, 06 December 2016 15:20

FESE believes that safeguard mechanisms are fundamental in preventing or limiting the occurrence of extraordinary volatility events or the so-called “flash crashes” in equity markets. Over the past years, and in many cases prior to MiFID I implementation, many European trading venues have successfully implemented safeguard mechanisms.

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Response to ESMA CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments

Created: Tuesday, 06 December 2016 15:17

In line with our views on equity data consolidation, FESE believe that any initiative must aim to achieve a meaningful market data consolidation in a multi‐venue world.

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