TV screens show the German DAX Index during a trading session at the Frankfurt stock exchange, amid the coronavirus disease outbreak, in Frankfurt, Germany, December 30, 2020. REUTERS/Ralph Orlowski
The EU is reviewing its stock and bond trading rules, known as MiFID II, triggering a battle between exchanges and their top customers, the banks and large asset managers, over competition. But the Association for Financial Markets in Europe , which represents wholesale market participants like banks and investment firms, said a report it commissioned from consultancy Oxera shows that 83% of share trading is on fully transparent venues like exchanges, with only 17% inside banks or other off-exchange platforms.
AFME Chief Executive Adam Farkas said the report showed how raw data from ESMA can be used to inaccurately represent the trading landscape and influence policymaking, with the risk of perpetuating the dominance of exchanges in share trading.
Europe. Still can’t get right.