EPTA News
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FIA EPTA response to the ESMA Call for Evidence on RTS 1 and 2
FIA EPTA response to the ESMA Call for Evidence on RTS 1 and 2. The purpose of this exercise by ESMA is to gather input and views on practical issues related to the application of RTS 1 and RTS 2 that market participants have identified since the application of MiFID II/ MiFIR. The response builds on comments made by FIA EPTA earlier to ESMA and the European Commission for their Equities, Non-equities and general MiFID II consultations. Additional comments by FIA EPTA relate to issues that so far have not been picked up or actioned by ESMA.
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Response by the FIA EPTA to the FCA Discussion Paper on a new UK prudential regime for MiFID investment firms
FIA EPTA appreciates the opportunity to provide feedback to the Financial Conduct Authority (FCA) on its Discussion Paper regarding the implementation of the new UK prudential regime for MiFID investment firms. Market making and liquidity provision (also referred to as principal trading or dealing on own account) is a distinct activity that is undertaken by non-systemic investment firms rather than banks, in a highly dispersed and varied ecosystem of independent Principal Trading Firms.
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FIA EPTA response to the European Commission consultation on the re-bundling of research and execution costs under the MiFID II quickfix
FIA EPTA welcomes the opportunity to provide feedback on the proposed MiFID II Quick-fix rules in relation to research on companies seeking alternative financing. Overall, FIA EPTA members believe that the unbundling rules laid out in MiFID II removed an important source for conflicts of interest and has reinforced the independence of research. We note that the market has fully implemented and adapted to research unbundling with clients now accustomed to receiving disaggregated cost information that differentiates between costs attributable to research from those related to execution.
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Consolidated response by FIA EPTA to the EBA consultations on IFR/IFD Level 2
FIA European Principal Traders Association (FIA EPTA) appreciates the opportunity to provide feedback to the European Banking Authority (EBA) on the implementation of the new regulatory framework for investments firms (IFR/IFD). FIA EPTA has consistently welcomed the new prudential regime for investment firms contained in the Investment Firm Regulation and Directive (IFR/IFD), which is aimed at creating a tailored and proportionate prudential framework for firms such as those we represent.
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Response by FIA EPTA to the European Commission consultation on the renewed sustainable finance strategy
FIA EPTA members welcome the opportunity to respond to the European Commission's consultation on the renewed sustainable finance strategy. FIA EPTA members will argue that there is a large variety of ESG ratings in the market, this makes it difficult, if not impossible, to come up with truly meaningful and harmonized ESG ratings between the different rating agencies. FIA EPTA Members argue for more standardisation of ESG indicators.
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FIA EPTA response to the Capital Markets Union High Level Forum final report
FIA EPTA members welcome the opportunity to give feedback to the Capital Markets Union High Level Forum final report. The Capital Markets Union is essential for building up a stronger equity culture in Europe and for opening up or expanding other sources of capital for financing. And of course, a more diversified financial system is also more resilient and stable. FIA EPTA members strongly believe proportionate regulation of the financial markets is key to achieving the twin goals of strengthening economic growth and ensuring financial stability.
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FIA EPTA response to the ESMA consultation on its review report on the transparency regime for non-equity instruments and the trading obligations for derivatives
FIA EPTA members strongly support the transparency objectives targeted by MiFID II/MiFIR and welcome the opportunity to respond to the ESMA consultation on its review report on the transparency regime for non-equity instruments and the trading obligations for derivatives.
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FIA EPTA members elect new Executive Committee
FIA EPTA’s members have elected a new Executive Committee as the governing body of the industry organisation.
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FIA EPTA response to public consultation on the review of the MiFID II/MiFIR regulatory framework
FIA EPTA members consider that MiFID II has greatly strengthened European secondary markets operational resilience, which has been borne out in the recent COVID-19 crisis where EU financial markets have 2 continued to operate in an orderly fashion in spite of very significant volatility and trading volumes.
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AIMA, FIA EPTA, MFA and WFE issue a letter on short-sale bans in the European Union
The Alternative Investment Management Association (“AIMA”), FIA European Principal Traders Association (“FIA EPTA”), Managed Funds Association (“MFA”) and the World Federation of Exchanges (“WFE”) issued a letter to express our concern that current restrictions on short selling are hurting markets, disadvantaging investors and undermining the longer-term goal of building a Capital Markets Union.
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