Recent Updates
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FIA EPTA co-signs trade association letter on gas price cap
FIA EPTA has joined other European trade associations in expressing strong concerns regarding the potential inclusion of a gas price cap in the forthcoming Clean Industrial Deal and the related Action Plan on Affordable Energy Prices.
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FIA EPTA responds to FCA updated proposals on enforcement investigations
FIA EPTA and FIA have submitted a joint response to the Financial Conduct Authority’s second consultation on proposals relating to investigations and enforcement. While the associations appreciate the FCA’s efforts to address many of the concerns raised in the initial consultation phase in 2024, member firms remain convinced that the proposals, publicly referred to as ‘naming and shaming’, are unsuitable in UK wholesale markets.
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Chair of the European T+1 Industry Committee welcomes the official launch of the governance structure for the transition to T+1 Settlement Cycle
On 22 January, the European Securities and Markets Authority hosted the T+1 Governance Launch Meeting to present the arrangements for driving the move to the reduction of default settlement cycles to T+1 for EU securities markets. Members of the Industry Committee, including FIA EPTA and FIA, welcome the ESMA report, which identifies a pathway and a date for the transition to the T+1 settlement cycle.
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High-level roadmap for adoption of T+1 in EU securities markets
The European T+1 Industry Task Force, comprising 21 trade associations involved in European capital markets, has published a report titled "High-level Roadmap for Adoption of T+1 in EU Securities Markets."
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FIA EPTA response to the ESMA Third Consultation Package on MiFIR Level 2 measures
FIA EPTA response to the first section of ESMA’s Third Consultation Package on MiFIR Level 2 measures. This package includes proposed changes to RTS 1, the Liquid Market definition and equity CTP input/output requirements. FIA EPTA’s response is confined to the proposals regarding SI equity pre-trade transparency in RTS 1.
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FIA EPTA Response to the European Commission’s Targeted Consultation on Artificial Intelligence in the Financial Sector
Innovation has long been a catalyst for growth and opportunity in derivative markets. New technologies have fostered new business opportunities, new products and enhanced the accessibility and transparency of markets for existing and new participants. Furthermore, the evolution of technology has underpinned the global reach of our markets, breaking down geographic barriers and enabling global markets to compete and thrive while safeguarding customers and investors.
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FIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
FIA EPTA welcomes the opportunity to respond to the EBA’s Discussion Paper on the Call for Advice on the Investment Firms Prudential Framework (DP). We note that this DP offers limited discussion points and suggests many proposals for changes with no associated questions. We also believe that these proposed changes intend to borrow further requirements and methodologies existing in CRR.
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FIA EPTA response to the ESMA MiFIR Review Consultation on assessment criteria for the CTP selection procedure
FIA EPTA members believe a comprehensive consolidated tape is essential for improving the international competitiveness and accessibility of EU markets to international investors many of whom currently find EU markets too complex and opaque. A comprehensive low cost, real-time, pre-trade CT will support transparency, ameliorate fragmentation and will support liquidity and investor confidence, strengthening EU financial markets.
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FIA EPTA response to the ESMA MiFIR Review Consultation on RTS 2 on transparency for bonds, structured finance products and emission allowances
Our members support the objectives of the MiFIR Review to enhance pre and post trade transparency in non-equity instruments. Our members believe that fully operative and genuine post-trade transparency provides significant advantages for both retail and institutional investors such as better, more reliable pricing, lower transaction costs and better liquidity across all trade sizes, including the largest sized block trades.
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FIA EPTA response to the ESMA MiFIR Review Consultation on the Draft RTS on Reasonable Commercial Basis
As high-volume consumers of a variety of wholesale market data products, our members support regulatory efforts to bring more transparency to market data pricing and fairness to commercial practices. We welcome ESMA’s efforts to strengthen this framework through the proposals set out in the consultation paper and draft RTS. In order for these proposals to be effective in practice, supervisory convergence is essential particularly regarding scrutiny of data providers’ approach to implementing the fees, costs and margin provisions. Adequate supervision and enforcement of this RTS across all NCAs is also essential for it to be effective.
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