6 December 2021
The European Commission has now published its legislative proposals for a new regulation and directive amending the EU Markets in Financial Instruments Regulation and Directive. This new legislation would create a new process for selecting consolidated tape providers for EU trade data, make significant changes to the EU transparency regimes, update the EU share and derivative trading obligations, ban payments for order flow and make other changes to the EU regime for securities and derivatives trading.
The proposals aim to improve the level-playing field between execution venues, improve transparency and the availability of market data and ensure that EU market infrastructure remains competitive internationally.
Clifford Chance has prepared a briefing on the proposals and redlines to indicate the proposed changes to the texts of MiFIR and MiFID.