EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/7.III.3.3:7.III.3.3 Factor 3: modernization of EU RMs

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/7.III.3.3

7.III.3.3 Factor 3: modernization of EU RMs

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS266940:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

Many RMs modernized during the 1980s and 1990s. 1 The modernization of RMs resulted in renewed and more competitive trading opportunities. The effect was that ATSs and order internalising systems had fewer opportunities to exploit.2 As a consequence, RMs retained a dominant position with respect to post-trade data publication during the ISD timeframe.3

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FESCO, The Regulation of Alternative Trading Systems in Europe: A paper for the EU Commission, September 2000(FESCO/00-064c), p. 6 and B. Steil, The European Equity Markets: The State of the Union and an Agenda for the Millennium, ECMI, p. 4-24.

FESCO, The regulation alternative trading systems in Europe: A paper for the EU Commission, September 2000(FESCO/00-064c), p. 6.

This is based on FESCO, Standards for Alternative Trading Systems, September 2000(FESCO/00-064c), p. 6 and K. Lannoo, Financial Market Data and MiFID, ECMI Policy Brief, March 2007, p. 1-2.