BETTER FINANCE & FESE Joint statement: Call to action for the market integration package

BETTER FINANCE and FESE have issued a joint statement urging EU policymakers to fully seize the opportunity presented by the forthcoming Market Integration Package to introduce bold measures that address liquidity fragmentation and restore transparency. This legislative initiative will offer a unique and time-sensitive moment to advance these essential reforms, making EU capital markets deeper, more attractive, and more resilient, delivering on the Savings and Investment Union (SIU) vision.

Deep, transparent, and liquid secondary markets are essential to attracting IPOs and sustaining a vibrant listing ecosystem. This stands in contrast to the ongoing shift toward “off-exchange” trading channels, which is driving fragmentation and opacity.

A key priority is to establish a level playing field between multilateral and bilateral venues—particularly by significantly enhancing transparency for systematic internalisers—and to ensure that retail orders are executed on lit, multilateral venues. Proposals imposing new constraints on lit venues, such as mandatory interconnectivity, are not a priority. Preserving effective rules like MiFIR open access and related ETD exemptions, while avoiding premature expansion of the Consolidated Tape before implementation, is equally important.

The moment for bold action is now: to create EU capital markets that are transparent, liquid, and competitive. BETTER FINANCE and FESE are committed to supporting policymakers in turning this vision into reality.