Industry Letter to EU calling for open access
Sharon BOWLES, Chair, Economic and Monetary Affairs Committee, European Parliament
Markus FERBER, Member, Economic and Monetary Affairs Committee, European Parliament
Rimantas SADZIUS, Minister of Finance, Republic of Lithuania, Presidency of the European Council
Michel BARNIER, Commissioner, Internal Markets and Services, European Commission
25 September 2013
Dear Sirs and Madam
- EU FINANCIAL SERVICES BROAD INDUSTRY REPRESENTATION : COMMON PRINCIPLES ON MIFID-2
As the MiFID/MiFIR dossier reaches a crucial stage in the process, we, the undersigned and the stakeholders we represent, would like to highlight common views that we share on important issues through this letter. In particular:
- We support open access, to deliver investor choice in execution and minimise risk
- We support common and harmonised standards for high quality post-trade data
- We seek a transparency regime which delivers investor choice:
- Supporting price formation, and allowing for trading using the Reference Price Waiver (RPW) and Negotiated Trade Waiver (NTW) in equities when it offers meaningful price improvement for investors; and
- Ensuring a proportionate and calibrated regime for non-equity markets
- We support a flexible regime for SME Growth Markets to enable access to finance for a wide range of EU SMEs
Our organisations span EU financial services, and our stakeholders include investors and the asset management industry; capital market infrastructure providers across equity, fixed income, derivatives and OTC; wholesale participants including banks, brokers and professional services firms; and corporates, who all together create jobs and growth in the EU real economy.
MiFID-2 is of critical importance to our organisations and our stakeholders. We recognise and appreciate the hard work contributed by policy makers on this dossier over the last 24 months, and fully support their goals. The strength of the recovery depends on the ability of companies and investors to access financial markets with confidence, and the MiFID review should build such a safe, efficient, robust and socially useful financial system. It should allow growing companies to access financing, facilitate investor choice in execution, decrease the cost of capital and avoid the concentration of risk.
We believe that the views we share are in line with these goals and in the best interest of the stakeholders we represent and the Single Market.