FESE response to the IOSCO consultation on the evolution in the operation, governance and business models of exchanges

FESE welcomes the opportunity to respond to the IOSCO consultation on the evolution in the operation, governance, and business models of exchanges. We appreciate the comprehensive nature of the report and the recognition of significant changes affecting exchanges globally. We also would like to underscore the necessity of robust regulatory frameworks to manage cross-border activities effectively, ensuring market stability and investor protection. In most jurisdictions, that is already the case and the operational risks of regulated exchanges are usually well-managed. Overall, we advocate for principle-based, outcome-focused measures and stress that most risks identified are already addressed in Europe.