EU Regulatory Policy Channel

Why MiFID matters to you

This movie provides an overview of the European capital markets' regulatory landscape of today.

On this page you will find information to educate on the background and original goals of the Markets in Financial Instruments Directive (MiFID), as well as our views on how the regulation should evolve within MiFID 2. Our priority as we address MiFID 2 is to keep the interests of end investors and issuers raising capital in the economy at the forefront in order to reach the right solutions. We require strong leadership to re-establish trust in financial markets at the European level.

As the debate evolves, we should not lose sight of the original objectives of the legislation, which were to lower the cost of capital, lower prices for the end investor and drive forward the vision of creating a single European financial market.

Please refer to our "Why MiFID matters to you" movie and "Understanding the MiFID debate" information sheet for background information, then learn about our views on the key issues being debated in the European Parliament below in "Addressing The Issues."

Addressing The Issues

NYSE Euronext European Regulatory Update - July
Monthly regulatory update from Mark MacGann, SVP Head of European Government Affairs and Public Advocacy. This update from the NYSE trading floor includes, amongst other topics, the need for consistent legislation in Europe and the U.S.
Topic Area: Cash Equities, Derivatives. Added: July 2012

NYSE Euronext European Regulatory Update - June
Monthly regulatory update from Mark MacGann, SVP Head of European Government Affairs and Public Advocacy. This update includes the contrasting positions around the issue of the Organised Trade Facility, debate round open access to clearing, and proposed amendments within High Frequency Trading.
Topic Area: Cash Equities, Derivatives. Added: June 2012.

NYSE Euronext European Regulatory Update - May

Monthly regulatory update from Mark MacGann, SVP Head of European Government Affairs and Public Advocacy. This update focuses on market structure and clearing in light of the recently published report from Markus Ferber, the Rapporteur on the MiFID II and MiFIR proposals for the European Parliament.
Topic Area: Cash Equities, Derivatives.  Added: May 2012.

Privatization of Retail Flow in the Secondary Markets

A number of trading platforms now exist in Europe that allow retail flow to be matched automatically against trading firms that specialize in retail business. We explain the effect this is having on investors and the markets, and the measures we believe should be taken to help protect retail order flows.
Topic Area: Cash Equities.  Added: May 2012.

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Extending Disciplines in Exchange-Traded Derivatives to OTC Derivatives Markets

Derivatives are a key element of the financial markets in Europe, helping participants to manage their exposure to risk daily. Hear from Garry Jones (Group EVP and Head of Global Derivatives, NYSE Liffe) on developments in European derivatives regulation and the measures being put in place, starting with policy formation at the G20 Pittsburgh Summit to the more recent MiFID and EMIR legislation.
Topic Area: Derivatives.  Added: April 2012.

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New Regulation Takes Shape in Commodity Derivatives Markets

Commodity futures and options contracts are global benchmarks used to manage risk associated with the underlying commodity. EU policy is calling for greater transparency and enhanced position management in these markets. Garry takes a closer look at the proposed regulatory solutions and explains how NYSE Liffe is enhancing its own arrangements.
Topic Area: Derivatives.  Added: April 2012.

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Transparency in the European Equity Markets

Transparency sits at the heart of MiFID's goals and is essential for the protection of investors. Roland Bellegarde, Group EVP and Head of European Cash and Listings at NYSE Euronext, explains to what extent MiFID has reached its intended goals and how transparency might be improved in MiFID 2.
Topic Area: Cash Equities.  Added: January 2012.

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New Definitions in MiFID 2

The root of many of the current issues in the European trading landscape derives from poor or absent definitions of key principles around market structures. Here we explain how NYSE Euronext believe key definitions - such as intermediation vs execution services, or bi-lateral vs multi-lateral trading - should be addressed within MiFID 2.
Topic Area: Cash Equities.  Added: January 2012.

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OTC and Protecting the End Investor

Lee Hodgkinson, Head of European Sales and Relationship Management, explains how better legislation around Over The Counter (OTC) trading is essential for protection of the end investor.
Topic Area: Cash Equities.  Added: January 2012.

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A Level Playing Field for MTFs and Regulated Markets

Today, a quarter of equity trading in Europe takes place on MTFs. However, regulation across MTFs and regulated markets lacks consistency. We believe that a level playing field is now required to provide the end investor with the same level of protection whichever venue they trade on.
Topic Area: Cash Equities.  Added: January 2012.

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