In its latest position paper on the MiFIR Review, FIA EPTA emphasises three critical issues that need to be urgently addressed by Co-legislators to create greater transparency and competitiveness in EU capital markets:
- Reforms to the EU deferral regime for bonds should aim for a more ambitious level of post-trade transparency in fixed income markets;
- There needs to be a level playing field across the EU regarding PFOF, either via a complete ban or through rigorous best execution standards and a competitive market structure. This includes prohibiting Single Market Maker practices that undermine the EU level playing field;
- Creating a comprehensive, low cost, real-time Consolidated Tape for equities in parallel to effective CTs for bonds and OTC derivatives.
