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

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/3.III.3.3

3.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:ADS266726:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

Many EU RMs modernized during the 1980s and 1990s.1 The modernization of the 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 equity pre-trade data publication compared to ATSs and order internalising systems.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, Standards for Alternative Trading Systems, 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.