In a response to a questionnaire issued by the European Parliament’s Committee on Economic and Monetary Affairs, the FIA European Principal Traders Association submitted a letter on June 14 identifying several areas where the coherence of EU financial services legislation could be improved. The response focused on such areas as trade reporting obligations, the definition of market-making, and bans on short-selling. More generally, the response suggested that policy makers should take more care to align different pieces of legislation that are being negotiated at the same time, recognize the effectiveness of codes of conduct in addition to regulation, and accept a closer involvement of industry stakeholders when addressing technical issues.
