Response to the European Commission ‘Capital Markets Union Mid-Term Review'Category: Position Papers
The Response to the European Commission Consultation Document 'Capital Markets Union Mid-Term Review' is available here.
Response to ESMA Consultation on Package TransactionsCategory: Position Papers
In its response, FESE argues that the proposal by ESMA would result in a more restrictive pre-trade transparency regime for package orders than for individual transactions. The proposed approach would result in the vast majority of exchange traded derivatives packages being determined as liquid, meaning the waiver could not be applied to them. Furthermore, the proposed methodology concentrates on characteristics of individual components of the package rather than assessing the package as a whole.
Response to ESMA Consultation Paper on Guidelines on the calibration, publication and reporting of trading haltsCategory: Position Papers
FESE believes that safeguard mechanisms are fundamental in preventing or limiting the occurrence of extraordinary volatility events or the so-called “flash crashes” in equity markets. Over the past years, and in many cases prior to MiFID I implementation, many European trading venues have successfully implemented safeguard mechanisms.
Response to ESMA CP on RTS specifying the scope of the consolidated tape for non-equity financial instrumentsCategory: Position Papers
In line with our views on equity data consolidation, FESE believe that any initiative must aim to achieve a meaningful market data consolidation in a multi‐venue world.
Response to ESMA on the Benchmarks Regulation Consultation PaperCategory: Position Papers
FESE supports working with ESMA to construct a workable regime for benchmarks provided by trading venues. FESE’s response to the ESMA consultation on technical standards for the Benchmark Regulation focuses on the main following areas: the definition of regulated data, transitional provisions, third country provisions, exemptions to the benchmark methodology in case of sudden market events and the provisions for code of conducts and compliance statements.