FIA Europe responded to the FCA on 9 October. We consider that out of the seven questions that the Review considered with respect to markets and market infrastructure, six of them were already adequately addressed by existing, or in-train, European regulation (particularly MiFID II/R). The one exception was market data fees, which may merit further consideration. We observed that any gaps in existing regulation should be built on through a pan-European approach, if not via the G20.
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