Cesr recommends changes to Mifid revision
New pre-trade transparency requirements for MTFs and ETFs as Cesr moves to a rules-based approach
The Committee of European Securities Regulators (Cesr) has published its technical advice in the initial stages of the revision of the Markets in Financial Instruments Directive (Mifid).
The guidance sent to the European Union (EU) commission includes changes to the pre-trade transparency regime for mutilateral trading facilities (MTFs) and transparency requirements for depositary receipts and exchange-traded funds (ETFs).
The creation of MTFs was permitted by the original Mifid, which came into
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