The London Stock Exchange has started a detailed consultation on the services it plans to offer member firms to assist their compliance with the EU’s Markets in Financial Instruments Directive (MiFID).
Built on the next-generation technology of the Exchange’s new TradeElect Platform, the new services will provide member firms with a familiar market model for meeting MiFID’s requirements, using proven connectivity and infrastructure. Pre-trade transparency requirements will be met through the extension of market-maker quoting facilities across the full range of EU securities, while post-trade transparency requirements will be met through enhancements to the Exchange’s existing trade reporting services.
“The London equity market has a strong advantage in MiFID, reflecting the fact that the Directive mirrors the open architecture and competitive environment in which London and the London Stock Exchange have grown,” says Martin Graham, the Director of Markets at the London Stock Exchange. “With new market leading technology, an enhanced suite of trading services and an attractive new tariff structure, we look forward to working with our clients throughout Europe and build on London’s leading role in market development.”
The consultation document outlines the changes that the Exchange will make to its services to enable member firms to comply with MiFID requirements in pre-trade transparency, post-trade transparency, data and best execution analysis.