Response to the German Ministry of Finance Consultation on MiFID II/MiFIR

FESE welcomes the opportunity to respond to this consultation as we consider it timely for policymakers to assess the impact of MiFID II/MiFIR one year after application. While some changes in the market took place immediately (e.g. trading in broker crossing networks stopped as these were banned), in other cases adjustment to the new regulatory framework is likely still ongoing. In this consultation response, FESE highlights views in relation to the impact of MiFID II/MiFIR on the following areas: equity markets, derivatives markets, primary markets, market data and data reporting.