Euronext supports the new Commission’s mandate to promote digital finance in the EU. The EU’s approach in reviewing existing legislative frameworks with a view to developing and promoting the use of new financial technologies is a welcome step in the right direction.

In order to achieve this, we believe that clarifications to the MiFID II framework should be prioritised to accommodate the emergence of new practices, notably in the crypto-assets sector.  

In the below paper, Euronext lays set a set of key principles upon which the EU can build upon in reviewing the existing regime, while maintaining and safeguarding investor protection.

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MiFID Refit - Euronext views on the scope of the Share Trading Obligation

Euronext welcomes the ongoing work with respect to the transparency framework for derivatives. It is our position that the transparency regime for non-equity is, at points, overly complex and at the same time not properly tailored to the different types of instruments. We suggest more needs to be done to ensure transparency is improved. Trading is generally very fragmented across the EU with a significant amount of trading activity done OTC with extremely limited transparency. We urge policymakers to support initiatives that would shift a significant share of trading to transparent and multilateral trading venues that would benefit the market as a whole and enhance visibility for investors. 

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MiFID Refit – Euronext Position on Non-Equity Transparency

This paper addresses the concept of multilateral trading under MiFID II/MiFIR. We believe that in order to reach supervisory convergence with respect to the regulatory treatment of trading platforms changes to MiFID II / MiFIR are required. This paper sets out our recommendations.

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MiFID Refit - Euronext views on MiFID II/MiFIR and the approach to multilateral trading

Euronext welcomes the opportunity to respond to ESMA’s consultation paper on the MiFID II/MiFIR obligations on market data. In our consultation response we review the draft guidelines in detail and identify some practical implications of the proposed guidelines that could be reassessed. It is our view that there is a need for guidelines in this area to be looked at in close consideration of the broader market data value chain, market data policies and processes in order to be able to achieve the desired end outcome, while keeping the impact on market data providers and users limited. In addition to commenting on the proposed guidelines, Euronext would like to encourage ESMA to allow for sufficient time for implementation of the guidelines once finalised.

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Euronext response to ESMA consultation paper on guidelines on MiFID II/MiFIR obligations on market data

Euronext response to ESMA consultation on market data guidelines – Executive Summary