CEPS : Financial Market data and MIFID
mercredi 28 mars 2007 CEPSThe opening-up of the market for equity market data, as foreseen in
the Markets in Financial Instruments Directive (MiFID), raises the
question of whether data will be sufficiently consolidated and of
high enough quality, or whether the information will become too
fragmented, thereby hindering price transparency and the
implementation of bestexecution policies. This policy brief
outlines the market for financial market data, the provisions of
MiFID and the implementing measures regarding financial data and
data consolidation. It also looks at the approaches taken by
Committee of European Securities Regulators, the FSA and the US
authorities. It concludes that markets should be capable of
adapting and that additional licensing requirements, such as those
proposed by the FSA, are in fact premature and might act as a
barrier to the single market. Nor does it find that a US-style
monopoly consolidator would be needed. Download the full report (.pdf 7
pages)