Cesr studies MTFs in July amid Mifid revamp

MTFs and dark pools policy positions to be announced, Cesr urges industry participation in consultation

The Committee of European Securities Regulators (Cesr) will outline its position on multilateral trading facilities (MTFs) and dark pools in July, according to chairman Eddy Wymeersch.

Wymeersch said Cesr was due to meet on July 16 when the group would agree its comments on the revision to the Markets in Financial Instruments Directive (Mifid) to produce Mifid II.

The Cesr comments will include both MTFs and dark pools, said Wymeersch, who was speaking at Fund Forum International in Monaco. The creation of MTFs was originally permitted by the original version of Mifid implemented in 2007.

Wymeersch said Cesr’s comments will be passed to the European Commission in October and subsequently to the European Parliament. The end of 2012 was a realistic date to expect the completed version of the revised directive, predicted Wymeersch.

He said Cesr’s proposals on over-the-counter derivatives would be in line with the US approach. Cesr was in constant dialogue with the US Securities and Exchange Commission and the Commodity Futures Trading Commission about various matters of common concern.

He urged the funds industry to participate in consultations, promising that Cesr and its successor, the European Securities and Markets Authority, “would in the future be very responsive”.

 

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