AFME urges co-legislators to ensure EU market attractiveness as MiFIR trilogues set to begin

The Association for Financial Markets in Europe (AFME) has responded to the European Parliament’s Committee on Economic and Monetary Affairs (ECON) vote on the MiFIR Review, which governs how financial markets operate in the EU.
AFME welcomes the ECON’s approach to consolidated tapes, urging the co-legislators to retain the proposed design features, including pre- and post-trade information for equity consolidated tapes and post-trade information only for bond consolidated tapes. However, AFME opposes restrictions on certain equity trading mechanisms and has concerns about the relatively rigid approach to bond market transparency, particularly with regard to deferral periods for corporate and non-EU sovereign bonds.
AFME supports pre-trade transparency requirements for bonds only on central limit order book and periodic auction systems on trading venues and advocates delegating calibration to ESMA on the basis of thorough impact assessments.
While AFME supports the Designated Publishing Regime, it opposes its implementation at an individual instrument level.