02/01/2011
In response to the European Commission Consultation Paper in review of the
Markets in Financial Instruments Directive (MiFID), Tradeweb makes the following
observations:
1) Tradeweb is broadly supportive of the Commission's objectives of increasing
transparency, improving market efficiency and stability, and encouraging competition
among different trading venues.
2) Tradeweb endorses the Commission's proposal relating to the trading of clearing
eligible derivatives on regulated multilateral venues, which is in line with the
Commission's stated objectives of the trading of derivatives on exchanges and
electronic platforms becoming the norm.
3) Tradeweb also welcomes the Commission's general approach of not prescribing any
particular trading protocol/execution model on such multilateral venues.
4) The introduction of a new, wide-ranging "organized trading facility" (OTF)
category is unnecessary and risks a more fragmented approach to supervising trading
venue providers operating in the same markets and providing the same service.
5) Tradeweb supports the Commission's goals of greater transparency, irrespective of
the trading venue. Pre and post- trade transparency arrangements should focus on the
impact on liquidity, and be specifically geared to the particular asset class.
The full response from Tradeweb to the EC Consultation Paper is available online in
PDF format.
Download File (PDF, 2.44 M)