2010/2075(INI) | [ParlTrack]

Motion for a resolution
Citation 13 a (new)

- having regard to the CESR technical advice to the European Commission in the context of the MiFID review and responses to the European Commission request for additional information (Ref: CESR/10-802, Ref: CESR/10-799, Ref: CESR/10-808, Ref: CESR/10-859, Ref: CESR/10-860)

Amendment 10 #

Motion for a resolution
Recital B

B. whereas consumer protection and competition on a level playing field were the key objectives when MiFID came into force~~, and whereas, following~~ but have not yet been achieved and must therefore remain a priority; the financial crisis showed that, limiting systemic risk must also be prioritised,

Amendment 100 #

Motion for a resolution
Paragraph 8

8. Seeks a sectoral consultation which will inform the Commission on whether market makers and other bilateral execution venues should be allowed to interact with dark-pool orders within a BCN, or whether this should be disallowed and remain a venue for buy side customer orders to cross;

Amendment 101 #

Motion for a resolution
Paragraph 8

8. Seeks a sectoral consultation by ESMA which will inform the Commission on whether market makers should be allowed to interact with dark-pool orders within a BCN, or whether this should be disallowed and remain a venue for buy side customer orders to cross;

Amendment 102 #

Motion for a resolution
Paragraph 9

9. Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for an investigation into the merits of this for maintaining adequate flow of trade through the lit venues in the interests of price discovery;deleted

Amendment 103 #

Motion for a resolution
Paragraph 9

Amendment 104 #

Motion for a resolution
Paragraph 9

9. ~~Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for an investigation into the merits of this for maintaining~~Emphasises that only trades that truly face market impact can make use of the pre-trade transparency waiver and therefore be executed as dark-pool transactions, and this should be rigorously enforced to ensure an adequate flow of trade through the lit venues in the interests of price discovery;

Amendment 105 #

Motion for a resolution
Paragraph 9

9. ~~Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for an investigation into the merits of this for~~Asks for an investigation from the Commission into the effects of setting a minimum order size for dark pool transactions and if it could maintain~~ing~~ adequate flow of trade through the lit venues in the interests of price discovery;,

Amendment 106 #

Motion for a resolution
Paragraph 9

9. Suggests that a minimum order size for dark-pool transactions, whether on an organised trading venue or BCN, may be warranted and asks for ESMA to conduct an investigation into the merits of this for maintaining adequate flow of trade through the lit venues in the interests of price discovery;

Amendment 107 #

Motion for a resolution
Paragraph 10 – introductory part

10. Calls for the Commission to conduct a review of the existing MiFID pre-trade transparency waivers to:

Amendment 108 #

Motion for a resolution
Paragraph 10 – point a

~~(a) reduce the threshold of the large-in- size waiver in recognition of reduced trade size,~~deleted

Amendment 109 #

Motion for a resolution
Paragraph 10 – point a

~~(a) reduce the threshold of the large-in- size waiver in recognition of reduced trade size,~~deleted

Amendment 11 #

Motion for a resolution
Recital B

B. whereas consumer protection, transparency in particular with regard to pricing mechanisms, and competition on a level playing field were the key objectives when MiFID came into force, and whereas, following the financial crisis, limiting systemic risk must be prioritised,

Amendment 110 #

Motion for a resolution
Paragraph 10 – point a

~~(a) reduce the threshold of the large-in- size waiver in recognition of reduced trade size,~~deleted

Amendment 111 #

Motion for a resolution
Paragraph 10 – point a

~~(a) reduce the threshold of the large-in- size waiver in recognition of reduced trade size,~~deleted

Amendment 112 #

Motion for a resolution
Paragraph 10 – point a

~~(a) reduce the threshold of the large-in- size waiver in recognition of reduced trade size,~~deleted

Amendment 113 #

Motion for a resolution
Paragraph 10 – point a

(a) considers whether reduceing the threshold of the lLarge- in~~- s~~ Size waiver in ~~recognition~~view of reduced trade size would disturb market transparency to a unsuitable extent,

Amendment 114 #

Motion for a resolution
Paragraph 10 – point b

(b) ~~consider whether~~suggests a suitable minimum threshold should be introduced for the Reference Price waiver to encourage the use of lit venues,

Amendment 115 #

Motion for a resolution
Paragraph 10 – point b

(b) ~~consider whether~~introduce a suitable minimum threshold ~~should be introduced~~ for the Reference Price waiver to ~~encourage the use of~~maintain adequate flow of trades through lit venues,

Amendment 116 #

Motion for a resolution
Paragraph 10 – point c

~~(c) broaden the Reference Price waiver to include trades that fall within the current spread in the reference market;~~deleted

Amendment 117 #

Motion for a resolution
Paragraph 10 – point c

~~(c) broaden the Reference Price waiver to include trades that fall within the current spread in the reference market;~~deleted

Amendment 118 #

Motion for a resolution
Paragraph 10 – point c

~~(c) broaden the Reference Price waiver to include trades that fall within the current spread in the reference market;~~deleted

Amendment 119 #

Motion for a resolution
Paragraph 10 – point c

~~(c) broaden the Reference Price waiver to include trades that fall within the current spread in the reference market;~~deleted

Amendment 12 #

Motion for a resolution
Recital B

B. whereas consumer protection ~~and~~, transparency, efficiency and liquidity in the markets as well as competition on a level playing field were the key objectives when MiFID came into force, and whereas, following the financial crisis, limiting systemic risk must also be prioritised,

Amendment 120 #

Motion for a resolution
Paragraph 10 – point c

(c) considers whether broadening the Reference Price waiver to include trades that fall within the current spread in the reference market; would have a negative effect of market transparency to the detriment of investors,

Amendment 121 #

Motion for a resolution
Paragraph 10 – point c

(c) ~~broaden~~limit the Reference Price waiver ~~to include trades that fall within~~’s scope to trades that are done at midpoint of the current spread in the reference market;

Amendment 122 #

Motion for a resolution
Paragraph 10 – point c a (new)

(ca) consider the extent and use of the negotiated waiver and its potential effect on price formation;

Amendment 123 #

Motion for a resolution
Paragraph 10 – point c a (new)

(ca) introduces a maximum volume of transactions that could use pre-trade transparency waivers in order to guarantee efficient price discovery,

Amendment 124 #

Motion for a resolution
Paragraph 10 – point c b (new)

(cb) give the possibility to ESMA to adapt and restrict pre-trade waivers as necessary, taking into account the impact of dark trading on the efficiency of markets,

Amendment 125 #

Motion for a resolution
Paragraph 11

11. Asks for a ~~more~~ uniform application of the pre-trade waivers across Member States to limit implementing differences that can lead to uncertainty, regulatory arbitrage and an unlevel playing field; suggests that technical standards defined by ESMA could be an appropriate way of achieving this, in keeping with the concept of a single rule book for financial services;

Amendment 126 #

Motion for a resolution
Paragraph -12 a (new) (after title Consolidated Tape)

-12a. Welcomes the recent announcement from market participants to unbundle their pre and post trade data and calls for further efforts towards common data standards and better availability of data;

Amendment 127 #

Motion for a resolution
Paragraph 12

12. ~~Calls on the Commission to establish a working group to overcome the barriers to a European consolidated tape and establish a privately run system that does~~Notes that private actors have failed to offer a cheap and exhaustive post-trade transparency in the European Union. Therefore, calls on the Commission to establish a mandatory European consolidated tape; considers that this tape should be ruled by ESMA and be a public or privately run system paid by users of financial infrastructure in order not to place any further financial burdens on taxpayers ~~to a Commission-defined deadline~~;

Amendment 128 #

Motion for a resolution
Paragraph 12

12. Calls on the Commission to establish a working group to overcome ~~the barr~~difficultiers ~~to a European consolidated tape and establish a privately run system that does not place any further financial burdens on taxpayers to a Commission-defined deadline~~preventing the consolidation of market data in Europe and particularly the poor quality of data of OTC transactions;

Amendment 129 #

Motion for a resolution
Paragraph 12

12. Calls on the Commission to establish a working group to overcome ~~the barr~~difficultiers ~~to a European consolidated tape and establish a privately run system that does not place any further financial burdens on taxpayers to a Commission-defined deadline;~~preventing the consolidation of market data in Europe and particularly the poor quality of data of OTC transactions,

Amendment 13 #

Motion for a resolution
Recital B a (new)

Ba. whereas MiFID has led to more complex, fragmented and opaque financial markets reducing the ability of supervisory authorities to screen and control markets;

Amendment 130 #

Motion for a resolution
Paragraph 12

12. Calls on the Commission to establish a working group to overcome the ~~barr~~difficultiers ~~to a European consolidated tape and establish a privately run system that does not place any further financial burdens on taxpayers to a Commission-defined deadlin~~preventing the consolidation of market data in Europe and particularly the poor quality of data of OTC transactions and the barriers to a European consolidated tape;

Amendment 131 #

Motion for a resolution
Paragraph 12

12. Calls on the Commission to establish a working group to overcome the barriers to a European consolidated tape and establish a privately run system that does not place any further financial burdens on taxpayers to a Commission-defined deadline; if no market solution is forthcoming further regulatory measures must be considered;

Amendment 132 #

Motion for a resolution
Paragraph 13

13. Calls on the CESR to draw up common reporting standards ~~and formats~~ for the reporting of post-trade data to aid in data consolidation;

Amendment 133 #

Motion for a resolution
Paragraph 13

13. Calls upon ~~the CESR~~ESMA to draw up common reporting standards and formats for the reporting of all post-trade data, both on organised trading venues and OTC, to aid in data consolidation;

Amendment 134 #

Motion for a resolution
Paragraph 13

13. Calls on the CESR to draw up and update as necessary common reporting standards and formats for the reporting of post-trade data to aid in data consolidation;

Amendment 135 #

Motion for a resolution
Paragraph 13

13. Calls upon ~~the CESR~~ESMA to draw up common reporting standards and formats for the reporting of post-trade data to aid in data consolidation;

Amendment 136 #

Motion for a resolution
Paragraph 13

13. Calls on the CESRMA to draw up common reporting standards and formats for the reporting of post-trade data to aid in data consolidation;

Amendment 137 #

Motion for a resolution
Paragraph 14

14. Asks that all reporting venues be required to ~~unbundl~~separate post-trade data from pre-trade data so information can be made available to all market participants at a~~n afford~~ commercially reasonable and comparable cost; further, asks the Commission to ~~consider limiting the number of venues that trades can be reported to so further fragmentation can be avoided~~introduce the concept of Approved Publication Arrangements (APAs) in order to introduce quality standards for OTC trade publication and reduce the usage of internet pages which are an obstacle to consolidation;

Amendment 138 #

Motion for a resolution
Paragraph 14

14. Asks that measures be taken to improve the quality of data of OTC transaction publication and that all reporting venues bare required to ~~unbundl~~separate pre and post trade data so information can be made available to all market participants at an affordable and comparable cost; further, asks the Commission to consider ~~limiting the number of~~applying quality standards to venues that trades can be reported to so ~~further fragmentation can be avoided;~~data are more reliable,

Amendment 139 #

Motion for a resolution
Paragraph 14

14. Asks that all reporting venues be required to unbundle pre and post trade data so information can be made available to all market participants at an affordable and comparable cost; further, asks the Commission to consider limiting the number of venues that trades can be reported to so further fragmentation can be avoided;

Amendment 14 #

Motion for a resolution
Recital B a (new)

Ba. whereas the review of MiFID must also respect the following principles; wholesale and retail markets are distinct and should be treated accordingly; there should be non-discriminatory access at all levels; asset classes behave differently and should be treated as such; markets cannot be forced and have to meet the needs of the buyers and sellers to function effectively,

Amendment 140 #

Motion for a resolution
Paragraph 15

15. Calls for a reduction in the time limit for deferred publication, through specific technical standards defined by ESMA so that transactions are reported within twenty-four hours of taking place; with regards to electronic transactions,; deems that immediate availability should become the rule as in the US and that any delay should be justified or sanctioned; calls ESMA to insure that maximum delays are not considered by venues as minimum as it is now the case with the three minutes delays; stresses that in ordinary circumstances, delays of more than 1 minute should be considered unacceptable;

Amendment 141 #

Motion for a resolution
Paragraph 15

15. Calls for a reduction in the time limit for deferred publication so ~~that~~ transactions are reported to the regulators within twenty- four hours of taking place; with regards to ~~electronic~~publication of transactions, in ordinary circumstances, delays of more than 1 minute should be considered unacceptable;,

Amendment 142 #

Motion for a resolution
Paragraph 15 a (new)

15a. Deems that it is essential to analyze the breakdown and business models of OTC trading calls therefore for the introduction of specific flags in pre and post-trade transparency for OTC trades to further understand the characteristics of such OTC trades and assess which types of transactions are legitimate to be done OTC due to their specific characteristics;

Amendment 143 #

Motion for a resolution
Paragraph 16

16. ~~Insists that post-‘flash crash’, all~~Calls for the Commission to review what measures, if any, trading platforms ~~stress-tes~~must adopt so that their technology and surveillance systems ~~to ensure that they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstances~~function even in extreme circumstances, and to prevent a comparable ‘flash crash’;

Amendment 144 #

Motion for a resolution
Paragraph 16

16. Insists that post-"flash crash", all trading platforms ~~stress-test their technology and surveillance systems to ensure that they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstances~~must be able to demonstrate to national supervisors that their technology and surveillance systems are able to withstand the kind of barrage of orders experienced on May 6th so as to ensure that they could successfully deal with the activity associated with HFT and algorithmic trading in extreme circumstances and show that they are able to re-create their order books by end of day so causes of unusual market activity can be pin-pointed and any suspected market abuse can be identified;

Amendment 145 #

Motion for a resolution
Paragraph 17

17. C~~alls for an examination of the costs and benefits of HFT on markets and its~~onsiders that HFT has a detrimental impact upon ~~other market users, particularly institutional investors, to determine whether the~~markets by biasing price discovery process and that significant market flow generated automatically isare not providing real liquidity to the market a~~nd what affect this has~~s the immense majority onf o~~verall price discovery~~rder are not executed;

Amendment 146 #

Motion for a resolution
Paragraph 17

17. Calls for an examination of the costs and benefits of algorithmic trading and HFT on markets and its impact upon other market users, particularly institutional investors, to determine ~~whether the significant market flow generated automatically is providing real liquidity to the market and~~ what affect this has on overall price discovery;

Amendment 147 #

Motion for a resolution
Paragraph 17

17. Calls for an examination of the costs and benefits of HFT on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery; Considers that ESMA should analyse the possibility to impose minimal latency between the introduction of an order and the possibility to withdraw it;

Amendment 148 #

Peter SKINNER

Motion for a resolution
Paragraph 17

17. Calls ~~for~~on the Commission to conduct an examination of the costs and benefits of HFT on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery, the potential for HFT to allow for manipulation of market prices leading to an uneven playing field between market participants, and its impact on overall market stability;

Amendment 149 #

Motion for a resolution
Paragraph 17

17. Calls for an examination of the costs and benefits of ~~HFT~~algorithmic and high- frequency trading on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery;

Amendment 15 #

Motion for a resolution
Recital B b (new)

Bb. whereas the balance between liquidity and transparency can sometimes be a trade off, and transparency obligations must always consider to whom and for what purpose the requirement is designed,

Amendment 150 #

Motion for a resolution
Paragraph 17

17. Calls ~~for~~on ESMA to conduct an examination of the costs and benefits of HFT on markets and its impact upon other market users, particularly institutional investors, to determine whether the significant market flow generated automatically is providing real liquidity to the market and what affect this has on overall price discovery;

Amendment 151 #

Peter SKINNER

Motion for a resolution
Paragraph 17 a (new)

17a. Calls on the Commission to consider the impact of measures to reduce any negative outcomes resulting from the growth in HFT, including the introduction of pulsing allowing for a 1 second latency in the processing of trades by exchanges, and forcing each bid offer to stand firm for 1 second;

Amendment 152 #

Motion for a resolution
Paragraph 17 a (new)

17a. Calls for the practice of "layering" or "quote stuffing" to be explicitly defined as market abuse;

Amendment 153 #

Motion for a resolution
Paragraph 18

18. Calls for the regulation of firms that pursue HFT strategies to ensure that they have robust systems and controls with ongoing regulatory reviews of the algorithms they use and the ability to demonstrate that they have strong management procedures in place for abnormal events;deleted

Amendment 154 #

Motion for a resolution
Paragraph 18

18. Calls for the regulation of firms that pursue HFT strategies to ensure that they have robust systems and controls with ongoing regulatory reviews of the algorithms they use, the capacity for intra- day monitoring and interrogation about real time outstanding positions and leverage and the ability to demonstrate that they have strong management procedures in place for abnormal events;

Amendment 155 #

Motion for a resolution
Paragraph 18

18. Calls for the regulation of firms that pursue HFT strategies to ensure that they have robust systems and controls with ongoing regulatory reviews of the algorithms they use and the ability to demonstrate that they have strong risk management procedures in place for abnormal events;

Amendment 156 #

Motion for a resolution
Paragraph 18 a (new)

18a. Calls for an examination of HFT’s challenges in terms of market monitoring; recognises the need for regulators to have the appropriate means to detect and monitor potential abusive behaviours; in this perspective, calls for the reporting to the competent authorities of all orders received by regulated markets and MTFs, as well as of trades done on these platforms;

Amendment 157 #

Motion for a resolution
Paragraph 19

19. Calls for all trading venues allowing co-location of servers, whether directly or through third-party data providers, to ensure that equal access for all co-located clients is maintained and where possible under the same infrastructure latency arrangements to comply with non- discriminatory practice outlined in MiFID; considers that sprint race to reduce latency should be stopped as high speed transactions do not deliver benefits to the real economy and to the better functioning of markets and only lead to an inflation of infrastructure costs;

Amendment 158 #

Motion for a resolution
Paragraph 20 – introductory part

20. Calls on regulators to ~~monitor and regulate the provision of sponsored access and to consider additional measures including~~forbid sponsored access:

Amendment 159 #

Motion for a resolution
Paragraph 20 – introductory part

20. Calls on regulators to monitor and regulate the provision of sponsored access and upon the Commission to consider additional measures including:

Amendment 16 #

Motion for a resolution
Recital B c (new)

Bc. whereas changes to MiFID should always take into account its importance in governing capital flows into the real economy and therefore the potential impact on jobs, investments and pensions,

Amendment 160 #

Motion for a resolution
Paragraph 20 – point a

~~(a) expressly prohibiting unfiltered sponsored access to companies that do not belong to the same corporate group as the sponsor,~~deleted

Amendment 161 #

Motion for a resolution
Paragraph 20 – point a

(a) expressly prohibiting unfiltered sponsored access to companies ~~that do not~~, regardless whether they belong to the same corporate group as the sponsor or not,

Amendment 162 #

Motion for a resolution
Paragraph 20 – point b

~~(b) requiring broker-~~dealers to establish, document and maintain a system of risk management controls, pre- and post- trade, and supervisory procedures to manage the financial, regulatory and other risks related to its market access;ted

Amendment 163 #

Motion for a resolution
Paragraph 20 – point b

(b) requiring ~~broker-dealer~~investment firms to establish, document and maintain a system of risk management controls, pre- and post-trade, and supervisory procedures to manage the financial, regulatory and other risks related to its market access;

Amendment 164 #

Motion for a resolution
Paragraph 20 a (new)

20a. Notwithstanding the necessary application of safeguards, calls for ESMA to further investigate if sponsored access crosses the threshold of non- discriminatory access,

Amendment 165 #

Motion for a resolution
Paragraph 21

21. Calls on the Commission to adopt ~~the principles being developed by the Technical Committee of IOSCO~~rules that impose on clients benefiting on on direct electronic access, including sponsored access, which will cover the criteria for selecting clients who can be given sponsored access and the contractual relationship between the platform, the member and the client and will outline their respective responsibilities regarding their usage with suitable controls and filtersequivalent requirements as those imposed to the member or the platform;

Amendment 166 #

Motion for a resolution
Paragraph 22 a (new)

22a. Calls upon the Commission to consider whether introducing a minimum resting period for all orders would be technologically possible and beneficial to the market;

Amendment 167 #

Motion for a resolution
Paragraph 23

23. Calls for ~~an investigation into~~ESMA to define binding guidelines on fee structures in order to ensure that execution fees, ancillary fees and any other related incentives are transparent, non- discriminatory and consistent with reliable price formation and are designed and implemented so as not to encourage trading for improper purposes; , given the amount of investments related to HFT deems in particular that a minimal charge should be paid by users posting orders, whether these orders are executed or not, as these orders need to be managed by the market infrastructure;

Amendment 168 #

Motion for a resolution
Paragraph 23

23. Calls for an investigation into fee structures to ensure that investment firms' commission fees, execution fees, ancillary fees and any other related incentives are transparent, non- discriminatory and consistent with reliable price formation and are designed and implemented so as not to encourage trading for improper purposes;

Amendment 169 #

Motion for a resolution
Paragraph 23

23. Calls for an investigation into fee structures to ensure that fees charged by investment firms, execution fees, ancillary fees and any other related incentives are transparent, non- discriminatory and consistent with reliable price formation and are designed and implemented so as not to encourage trading for improper purposes;

Amendment 17 #

Motion for a resolution
Recital B a (new)

Ba. whereas market participants should be encouraged to transact on organised trading venues instead of OTC:

Amendment 170 #

Motion for a resolution
Paragraph 23

23. Calls for an investigation by ESMA into fee structures to ensure that execution fees, ancillary fees and any other related incentives are transparent, non- discriminatory and consistent with reliable price formation and are designed and implemented so as not to encourage trading for improper purposes;

Amendment 171 #

Motion for a resolution
Paragraph 24

24. ~~Suggests a study of~~Considers that the maker/taker fee model ~~to determine whether any recipient of the~~leads in practice to encouraging trading for improper purposes; stresses that any more favourable "‘maker"’ fee structure should also be subject to formal market maker obligations and supervision requirements defined by ESMA;

Amendment 172 #

Motion for a resolution
Paragraph 24

24. Suggests a study ~~of the maker/taker fee model to determine whether any recipient of the more favourable "~~to be conducted by ESMA of maker obligations to determine if MiFID investment firms holding themselves out as marke~~r" fee structure~~t makers should ~~also~~ be subject to more formal market maker obligations ~~and supervision~~;

Amendment 173 #

Motion for a resolution
Paragraph 24

24. Suggests ESMA conduct a study of the maker/taker fee model to determine whether any recipient of the more favourable "maker" fee structure should also be subject to formal market maker obligations and supervision and whether firms operating HFT strategies should be obliged to register as formal market makers, taking on all of the obligations that this implies;

Amendment 174 #

Motion for a resolution
Paragraph 24

Amendment 175 #

Motion for a resolution
Paragraph 25

25. Asks ~~that European trading venues have~~for an ESMA supervision and definition by implementing acts of robust volatility interrupts and circuit breakers which operate simultaneously across all EU trading venues to prevent a US- style "‘flash crash"’ event;

Amendment 176 #

Motion for a resolution
Paragraph 25

25. Asks that European trading venues have robust volatility interrupts and circuit breakers which operate simultaneously across all trading venues, coordinated by technical standards developed by ESMA, to prevent a US- style "flash crash" event;

Amendment 177 #

Motion for a resolution
Paragraph 26

26. Requests that no unregulated market participant be able to gain direct or unfiltered sponsored access to formal trading venues and that significant market participants trading on their own account need to register with the regulator and allow their trading activities to be subject to an appropriate level of supervision and scrutiny for stability purposes;

Amendment 178 #

Motion for a resolution
Paragraph 28

28. Calls for the extension of the scope of MiFID transparency regime to all "equity- like" instruments including depository receipts (DRs), exchange traded funds (ETFs), exchange traded commodities (EDCs), and certificates;

Amendment 179 #

Motion for a resolution
Paragraph 29

29. Requests the consideration of introducing a post trade transparency requirement~~, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets, to be applied in an asset-specific manner;~~ for corporate bonds and CPP eligable derivatives subject to significant secondary trading,

Amendment 18 #

Motion for a resolution
Recital B c (new)

Bc. whereas MiFID, that was originally supposed to move the trades to regulated venues (RM, MTF, SI), failed to reduce OTC market share as long as around 40% of the trading volume are made over the counter (OTC);

Amendment 180 #

Motion for a resolution
Paragraph 29

29. ~~Requests the consideration of~~Calls for the introduc~~ing~~tion of a transparency requirement, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets and commodities derivatives markets, to be applied in an asset-specific manner;

Amendment 181 #

Motion for a resolution
Paragraph 29

29. Requests the consideration by the Commission and ESMA of introducing a transparency requirement, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets, to be applied in a~~n asset-specific manner~~ manner that differentiates across asset classes also taking into account differing levels of liquidity and complexity of instruments within asset classes;

Amendment 182 #

Motion for a resolution
Paragraph 29

29. Requests the consideration by the Commission ad ESMA of introducing a transparency requirement, pre and post trade, on all non-equity financial instruments subject to significant secondary trading, including government and corporate bond markets, to be applied in an asset-specific manner;

Amendment 183 #

Motion for a resolution
Paragraph 29 a (new)

29a. Taking into account the issues that have been experienced in relation to data quality and consolidation of post-trade data for European equities, the Commission should ensure that post-trade data for non-equity products is provided in a form which is readily consolidated;

Amendment 184 #

Motion for a resolution
Paragraph 30

30. Supports the Commission's intention to ~~include derivative instruments within the scope of MiFID~~apply a wider range of MiFID provisions to derivative instruments as the trading of such products transitions increasingly to formal trading venues and are subject to increasing standardisation and central clearing requirements;

Amendment 185 #

Motion for a resolution
Paragraph 30

30. Supports the Commission's intention to include OTC derivative instruments within the scope of MiFID as the trading of such products transitions increasingly to for~~mal~~ganised trading venues and are subject to increasing standardisation and central clearing requirements;

Amendment 186 #

Motion for a resolution
Paragraph 30

Amendment 187 #

Motion for a resolution
Paragraph 30

30. Supports the Commission's intention to include OTC derivative instruments within the scope of MiFID as the trading of such products ~~transitions~~ increasingly move to for~~mal~~ganised trading venues and are subject to increasing standardisation and central clearing requirements;

Amendment 188 #

Motion for a resolution
Paragraph 30

Amendment 189 #

Motion for a resolution
Paragraph 30

30. Supports the Commission's intention to include derivative instruments, notably OTC instruments, within the scope of MiFID as the trading of such products transitions increasingly to formal trading venues and are subject to increasing standardisation and central clearing requirements;

Amendment 19 #

Motion for a resolution
Recital B a (new)

Ba. whereas the inclusion in the MIFID of waivers to pre trade transparency requirements and the establishment of MTF and dark pools intended to facilitate a shift towards more regulated and transparent venues; whereas the fact that a significant part of market trading remains OTC trading underlines that this objective is not met up until now;

Amendment 190 #

Motion for a resolution
Paragraph 30 a (new)

30a. Calls for a proposal from the Commission to ensure that all OTC derivatives contracts that can be standardised are traded on exchanges or electronic trading platforms, to ensure the price of such contracts are formed in a transparent, fair and efficient manner, free from conflict of interest,

Amendment 191 #

Motion for a resolution
Paragraph 31

31. Requests a review of the IOSCO standards for clearing houses, securities settlement systems and systemically important payment systems ~~addressing any weaknesses concerning market opacity;~~with a view to improve further market transparency,

Amendment 192 #

Motion for a resolution
Paragraph 31 a (new)

31a. Believes that it is necessary for regulators across the different physical and financial commodities markets to have access to the same data to identify trends and cross linkages and calls on the Commission to coordinate efforts both within the EU and globally.

Amendment 2 #

Motion for a resolution
Recital A

A. whereas the G20 set out that no financial institution, no financial product and no territory should remain outside the scope of intelligent regulation and effective supervision, and agreed that all standardised OTC derivative contracts should be traded on-exchanges or electronic trading platforms, where appropriate

Amendment 20 #

Motion for a resolution
Recital B b (new)

Bb. whereas the fragmentation induced by MiFID has had a detrimental effect on the functioning of financial markets in the European Union by reducing liquidity in regulated venues, by increasing opacity and by disturbing the price discovery process;

Amendment 21 #

Motion for a resolution
Recital C

C. whereas market fragmentation has had an ~~inevitable~~undesired impact upon liquidity and market efficiency~~, and whereas~~ due to a decrease in transparency based on an increase of dark pools and crossing networks, the effect of an increased number of venues and increasingly technology-driven trading has ~~significantly decreased~~decreased London Stock Exchange's average order execution size from EUR 22 266 in 2006 to EUR 9 923 in 2009 (CESR/10-394, p. 9),

Amendment 22 #

Motion for a resolution
Recital C

C. whereas market fragmentation in equities trading has had an inevitable impact upon liquidity and market efficiency, and whereas the effect of an increased number of venues, both in the on-exchange and off-exchange space, and increasingly technology-driven trading has significantly decreased average ~~order execu~~transaction size from EUR 22 266 in 2006 to EUR 9 923 in 2009,

Amendment 23 #

Motion for a resolution
Recital C

C. whereas market fragmentation has had an inevitable impact upon liquidity and market efficiency, and whereas the effect of an increased number of venues and increasingly technology-driven trading has significantly decreased average order execution size from EUR 22 266 in 2006 to EUR 9 923 in 2009, and increased the total cost of transactions for final users,

Amendment 24 #

Motion for a resolution
Recital C

C. whereas market fragmentation has had an inevitable impact upon liquidity and market efficiency, ~~and whereas~~ the effect of an increased number of venues, both in the on- and off-exchange space, and increasingly technology- driven trading has significantly decreased average order execution size from EUR 22 ,266 in 2006 to EUR 9 ,923 in 2009,

Amendment 25 #

Motion for a resolution
Recital C

C. whereas the development of dark pools is counter to the objectives of MiFID, whereas market fragmentation has had an inevitable impact upon liquidity and market efficiency, and whereas the effect of an increased number of venues and increasingly technology-driven trading has significantly decreased average order execution size from EUR 22 266 in 2006 to EUR 9 923 in 2009,

Amendment 26 #

Motion for a resolution
Recital D

D. whereas the decrease in ~~order~~transaction size has led to a reduction in the capacity of market participants to instantly execute large orders on a particular market and the desire to prevent market impact for large orders has encouraged the expansion of dark-pool trading, and whereas less than 10% of all trading in EEA equities shares on organised markets use the MiFID pre- trade transparency waivers (CESR/10- 394), whereas this MiFID waiver allows for dark-pool trading on an organised market as a more transparent and better regulated alternative to dark trading in the OTC space,

Amendment 27 #

Motion for a resolution
Recital D

D. whereas t~~he decrease in order size has led to a reduction in the capacity of market participants to instantly execute large orders on a particular market and has encouraged the expansion of~~o manage market impact of large orders have favoured the use of unregulated dark pools (mainly by carrying out transactions OTC) and not using regulated dark- pool ~~trading, and whereas~~s (MTFs or RMs) as evidenced by the fact that less than 10% of all trading in EEA equities shares on organised markets use the MiFID pre-trade transparency waivers (CESR/10- 394),; Recognises that half of the OTC transactions are below the standard market size and do not require protection against market impact.

Amendment 28 #

Motion for a resolution
Recital D

D. whereas the decrease in order size has led to a reduction in the capacity of market participants to instantly execute large orders on a particular market and has encouraged the expansion of dark-pool trading, ~~and~~ whereas ~~less than~~around 10% of all trading in EEA equities shares on organised markets use the MiFID pre-trade transparency waivers (CESR/10-394), which means therefore that combined with the OTC trades, around 50% of the trades are currently not covered by pre- trade transparency requirements;

Amendment 29 #

Motion for a resolution
Recital D a (new)

Da. whereas dark pool trading encompasses both regulated dark pools operated by regulated markets and MTFs (according to the MiFID transparency waivers) and unregulated dark pools consisting of OTC transactions, including Broker Crossing Networks; although both regulated and unregulated dark pools have the same aim, the absence of regulation provide unregulated dark pools with a competitive advantage and creates a race to darker trading undermining market transparency in general;

Amendment 3 #

Motion for a resolution
Recital A a (new)

Aa. whereas the lack of transparency and the accompanying opacity of risk patterns in the financial system was an aggravating factor in the financial crisis, facilitating the spread of general distrust and thereby contributing to drastically reduced liquidity flows,

Amendment 30 #

Motion for a resolution
Recital D a (new)

Da. whereas MiFID defines OTC trading as having the characteristics of being ad- hoc and irregular and carried out with wholesale counterparties and being part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser,

Amendment 31 #

Motion for a resolution
Recital D b (new)

Db. whereas despite the provision in MiFID of waivers to allow dark trading on organised markets, the establishment of MTFs and Systematic Internalisers (SIs) and the definition of OTC trades as being irregular and ad hoc, OTC trades not carried out on an SI basis continue to account for a high proportion of equities trading at 38% of all reported trades according to CESR/10-394, and this proportion has not declined since the implementation of MiFID, whereas tighter and more effective enforcement of MiFID rules and waivers should therefore be ensured,

Amendment 32 #

Motion for a resolution
Recital D a (new)

Da. whereas there is evidence that the use of pre-trade transparency waivers provided in MiFID has been growing rapidly,

Amendment 33 #

Motion for a resolution
Recital E

E. whereas broker crossing networks (BCNs) provide different services to regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationshipare a circumvention to MiFID regulation; whereas the level playing field between BCNs and regulated venues (RM, MTF, SI) is not insured as BCN operate systems that match buying and selling orders whilst they are not submitted to any pre-trade transparency requirement; whereas crossing networks seem to execute large as well as small orders away from RM and MTF,

Amendment 34 #

Motion for a resolution
Recital E

E. whereas broker crossing networks (BCNs) provide different services to regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationshipessentially function as multilateral trading facilities (MTFs) in so far as they automatically match order flow in a multilateral manner or as Systematic Internalisers (SI) when they perform bilateral execution,

Amendment 35 #

Motion for a resolution
Recital E

E. whereas broker crossing networks (BCNs) ~~provide different~~should be fully investigated to ensure that where they provide the same services toas regulated markets (RMs) and multilateral trading facilities (MTFs) ~~in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationship~~they are regulated as such,

Amendment 36 #

Motion for a resolution
Recital E

E. whereas bBroker cCrossing nNetworks (BCNs) ~~provide different services~~mix services provided by to rRegulated mMarkets (RMs) and mMultilateral tTrading fFacilities (MTFs) ~~in so far as they are closed systems and a technological extension of the~~(i.e. multilateral trading) with execution orders on a bilateral basis (i.e. traditional, discretionary broker-client relationship),

Amendment 37 #

Motion for a resolution
Recital E

E. whereas broker crossing networks (BCNs), provided by Investment Firms as bilateral and discretionary facilities for transactions carried out on behalf of clients on an OTC basis, are different ~~services~~ to regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationship,

Amendment 38 #

Motion for a resolution
Recital E

E. whereas ban in-depth analysis is required to establish if Broker cCrossing nNetworks (BCNs) provide different services to rRegulated mMarkets (RMs) and mMultilateral tTrading fFacilities (MTFs), i~~n so far as they~~t is most likely that certain BCNs could alre ~~closed systems and a technological extension of the traditional, discretionary broker-client relationship~~ady be classified as an MTF or SI today based on a deeper analysis of their business models by competent authorities,

Amendment 39 #

Motion for a resolution
Recital E

E. whereas broker crossing networks (BCNs) can provide different services to regulated markets (RMs) and multilateral trading facilities (MTFs) in so far as they are closed systems and a technological extension of the traditional, discretionary broker-client relationship; whereas there are also clear cases where BCNs undertake the same function as an MTF or a SI and for which MIFID rules should fully apply,

Amendment 4 #

Motion for a resolution
Recital A a (new)

Aa. whereas the adoption of the MiFID was based on the wrong assumption that competition between market infrastructures is desirable and would necessarily lead to a cost reduction of these infrastructures;

Amendment 40 #

Motion for a resolution
Recital E a (new)

Ea. whereas certain type of business operation of automated multilateral liquidity pools poses a particular concern for price formation and fair competition;

Amendment 41 #

Motion for a resolution
Recital F

F. whereas the ~~challenge involves keeping the~~ benefits of competition in terms of more competitive and innovative trading infrastructure ~~whilst ensuring~~has not been proved as the total transaction costs were not reduced, the opacity has increased while at the same time, it appears clearly that quality and integrity for all participants in a more fragmented market are not properly guaranteed,

Amendment 42 #

Motion for a resolution
Recital F a (new)

Fa. Whereas competition between execution venues is necessary to keep efficient markets, competition needs to happen on a level playing field to avoid favouring certain venues over others; Recognises that dark pool trading encompasses both regulated dark pools operated by regulated markets and MTFs (according to the MiFID transparency waivers) and unregulated dark pools carrying out OTC transactions, including broker crossing networks; Recognises that although both regulated and unregulated dark pools have the same aim, the absence of a level playing field between these execution venues provides unregulated dark pools with a competitive advantage and creates a race to darker trading undermining market transparency in general,

Amendment 43 #

Motion for a resolution
Recital G

G. whereas the risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at 30-50 %, were manifest in the US "flash crash" on 6 May 2010 when HFT liquidity providers exited the market,deleted

Amendment 44 #

Motion for a resolution
Recital G

G. whereas the risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at 30-50 %, were manifest in the US "‘flash crash"’ on 6 May 2010; whe~~n HFT liquidity providers exited the market~~reas these strategies do not deliver any tangible benefit for the real economy and in particular for SMEs,

Amendment 45 #

Motion for a resolution
Recital G

G. whereas HFT provides liquidity to financial markets and is largely positive, therefore it would be useful to determine whether there are the risks associated with electronic order systems and the significant share of trading volumes attributable to certain HFT strategies, considering, among others, the conclusions of the Securities and Exchange Commission estimated at 30-50 %, were manifest in relation to the US "flash crash" on 6 May 2010 when HFT liquidity providers exited the market,

Amendment 46 #

Motion for a resolution
Recital G

G. whereas the risks associated with electronic order systems and the significant share of trading volumes attributable to HFT strategies, estimated at ~~30-50 %~~70 % in the US, were manifest in the US "flash crash" on 6 May 2010 when HFT liquidity providers exited the market,

Amendment 47 #

Motion for a resolution
Recital G a (new)

Ga. whereas HFT strategies are a relatively new phenomenon in Europe and are now estimated to make up 35% of the market by volume;

Amendment 48 #

Motion for a resolution
Recital G a (new)

Ga. whereas HFT distorts the price discovery process on markets by posting orders that are mostly non executed; whereas HFT does not provide real liquidity as orders are not kept in order books for a sufficient lenght of time; whereas the challenges raised by HFT in terms of market abuse detection and surveillance require a carefull and comprehensive assessement,

Amendment 49 #

Motion for a resolution
Recital G a (new)

Ga. whereas apart from their high risks on market liquidity and safety the significant increase of HFT strategies have transformed the role of markets in financial instruments from a providing real economy with adequate capital to a speculative trade with severe consequences for public and real economies,

Amendment 5 #

Motion for a resolution
Recital A a (new)

Aa. whereas market infrastructures are public goods that require a proper degree of centralisation and specific treatment in order to insure cost efficiency and avoid private monopolies;

Amendment 50 #

Motion for a resolution
Recital H

H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes is fundamental to ensuring an efficient price formation process, and therefore the fair and efficient operation of the market, whereas such transparency furthermore provides improved early warning of the build-up and scale of developing problems,

Amendment 51 #

Motion for a resolution
Recital H

H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes fosters trust between market actors, facilitates efficient price formation, strengthens the protection of investors and provides improved early warning of the build-up and scale of developing problems,

Amendment 52 #

Motion for a resolution
Recital H

H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes should be established to provides improved early warning of the build-up and scale of developing problems,

Amendment 53 #

Motion for a resolution
Recital H

H. whereas greater transparency via pre- and post-trade reporting of trading activity across all asset classes would provides improved early warning of the build-up and scale of developing problems,

Amendment 54 #

Motion for a resolution
Recital H a (new)

Ha. whereas the G20 decisions of 24 and 25 September 2009 in Pittsburgh, stated that "all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms",

Amendment 55 #

Motion for a resolution
Recital H a (new)

Ha. whereas an overall aim of the MiFID review should be to improve transparency by reducing the proportion of OTC trading, which at the current level of 30 to 40 % of the market is far too high,

Amendment 56 #

Motion for a resolution
Recital H a (new)

Ha. whereas divergence of implementation between Member States has led to an incomplete application of the MiFID framework,

Amendment 57 #

Motion for a resolution
Recital H a (new)

Ha. whereas retail investors do not benefit from the MiFID; whereas the MiFID does not improve the access of SMEs to capital market and the financing of the real economy which is the main purpose of financial markets,

Amendment 58 #

Motion for a resolution
Paragraph 1

1. CRecognises that market infrastructures have been very resilient throughout the crisis and calls upon the Commission to ~~secure the necessary~~nonetheless strengthen~~ing of~~ market infrastructures across all trading venues and clearing systems to enable them to cope with future risk through enhanced transparency, improved resilience and regulatory oversight of all aggregated trades;,

Amendment 59 #

Motion for a resolution
Paragraph 1

1. Calls on the Commission to secure the necessary strengthening of market infrastructure across all trading venues and clearing systems, in particlaur OTC, to enable them to cope with future risk through enhanced transparency, improved resilience and regulatory oversight of all aggregated trades;

Amendment 6 #

Motion for a resolution
Recital B

B. whereas consumer protection, transparent, efficient and liquid markets and competition on a level playing field were the key objectives when MiFID came into force, and whereas, following the financial crisis, limiting systemic risk must ~~be prioritised~~also be an objective of the MiFID review,

Amendment 60 #

Motion for a resolution
Paragraph 1 a (new)

1a. Deems that corrective measures must be taken in order to ensure that all kinds of trading with the same functionality should be regulated and supervised in the same way;

Amendment 61 #

Motion for a resolution
Paragraph 1 a (new)

1a. underlines that OTC trade remains a significant part of the markets in financial instruments which leads to continuous lack of transparency and liquidity risks; considers that MIFID review has to deal with that through better restructuring of the waiver preconditions and redetermining the conditions under which a venue should be regulated as an MTF or an SI;

Amendment 62 #

Motion for a resolution
Paragraph 1 b (new)

1b. welcomes Commission's proposal for a Regulation on OTC derivatives, central counterparties and trade repositories as a necessary prerequisite to increase transparency and safety within the markets in financial instruments and considers it as the first step towards shifting the significant proportions of OTC trade to trade venues subject to MIFID regulation.

Amendment 63 #

Motion for a resolution
Paragraph 2

2. Suggests that, in the interests of equitable treatment, ~~rules need to be introduced such that MTFs transacting either a similar volume of trade or having a similar market impact to an RM (subject to a threshold) ar~~MTFs and RMs must be subject to the same level of supervision and therefore regulated in a comparable way;

Amendment 64 #

Motion for a resolution
Paragraph 2

2. Suggests that, in the interests of equitable treatment, rules need to be introduced such that MTFs ~~transacting either a similar volume of trade or having a similar market impact to an RM (subject to a threshold)~~ are subject to the same level of supervision and therefore regulated in a comparable way;

Amendment 65 #

Sharon BOWLES, Olle SCHMIDT

Motion for a resolution
Paragraph 2

2. Suggests that, in the interests of equitable treatment, rules need to be introduced such that MTFs ~~transacting either a similar volume of trade or hav~~are subject to the proportionate level of supervision and therefore regulated ing a ~~similar market impact to an RM (subject to a thre~~comparable way, as competition between MTFs and RMs should~~) are subject to the same level of supervision and therefore regulated in a comparable way;~~ happen on a level playing field while noting the important role of MTFs for market entry,

Amendment 66 #

Motion for a resolution
Paragraph 2

2. Suggests that, in the interests of equitable treatment, rules need to be introduced such that MTFs ~~transacting either a similar volume of trade or hav~~are subject to a proportionate level of supervision and therefore regulated ing a ~~similar market impact to an RM (subject to a thre~~comparable way, as competition between MTFs and RMs should~~) are subject to the same level of supervision and therefore regulated in a comparable way;~~ happen on a level playing field while noting the important role of MTFs for market entry,

Amendment 67 #

Motion for a resolution
Paragraph 2

2. Suggests that, in the interests of equitable treatment, rules need to be introduced such that MTFs transacting either a si~~milar~~gnificant volume of trade or having a similar market impact to an RM (subject to a threshold) are subject to the same level of supervision and therefore regulated in a comparable way;

Amendment 68 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into ~~the functioning of the systematic internaliser (~~OTC trading of equities and the functioning of the MTF and the SI) regimes and ~~the bringing forward of~~calls for improvements to the way in which ~~this category~~OTC trading is regulated to ~~increase its use as a subset of OTC~~ensure that the use of MTFs in the execution of orders on a multilateral basis and of SIs in the execution of orders on a bilateral basis increases, and that the proportion of equities trading carried out OTC declines substantially;

Amendment 69 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into the functioning of the systematic internaliser (SI) regime and of OTC trades and the bringing forward of ~~improv~~requirements to ~~the way in which this category is regulated to increase its use as a subset of OTC~~reduce the market share of OTC trades;

Amendment 7 #

Motion for a resolution
Recital B

B. whereas MiFID was intended to strengthen transparency, consumer protection and competition on a level playing field, w~~ere~~ith the ~~key~~ objective~~s when MiFID came into force~~ of ensuring liquid, efficient and fair markets, and whereas, following the financial crisis, measures to limit~~ing~~ systemic risk ~~must be prioritised~~should also be strengthened in order to meet that objective,

Amendment 70 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into the functioning of the sSystematic iInternaliser (SI) regime and the ~~bringing forward of improvements to the way in which this category is regulated to increase its use as a subset of OTC~~relevance of maintaining this category ;

Amendment 71 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into the functioning of the systematic internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated ~~to increase its use as a subset of OTC~~in order to substantially increase its use in the execution of orders on a bilateral basis;

Amendment 72 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into the functioning of the systematic internaliser (SI) regime including consistency of implementation, the suitability of the MiFID definition and the appropriateness of the SI reporting regime, and the bringing forward of improvements to the way in which this category is regulated to increase its use as a subset of OTC;

Amendment 73 #

Motion for a resolution
Paragraph 3

3. Asks for an investigation into the functioning and purpose of the systematic internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated to increase its use ~~as a subset of OTC~~;

Amendment 74 #

Motion for a resolution
Paragraph 3

Amendment 75 #

Motion for a resolution
Paragraph 3

3. Asks for ESMA to conduct an investigation into the functioning of the systematic internaliser (SI) regime and the bringing forward of improvements to the way in which this category is regulated to increase its use ~~as a subset of OTC~~if it is still considered a useful option for investors;

Amendment 76 #

Motion for a resolution
Paragraph 3

Amendment 77 #

Motion for a resolution
Paragraph 4

4. Demands that investment firms which provide a portfolio management service and act in the portfolio management capacity must be provided with best execution by the investment firms with whom they place orders notwithstanding that the portfolio manager is categorized by MiFID as an eligible counterparty;

Amendment 78 #

Motion for a resolution
Paragraph 4

4. DCalls for a separate category for portfolio managers and demands that investment firms which provide a portfolio management service must be provided with best execution by the investment firms with whom they place orders notwithstanding that the portfolio manager is categorized by MiFID as an eligible counterparty;

Amendment 79 #

Motion for a resolution
Paragraph 5

5. Calls for ESMA to conduct a review of whether order-by- order best execution needs to be better served by regulation in relation to the availability of data, both post-trade and in relation to execution quality, and in relation to market technology, such as order routers and venue connections;

Amendment 8 #

Motion for a resolution
Recital B

B. whereas consumer protection ~~and~~, competition on a level playing field as well as transparent, liquid and efficient markets were the ~~key~~main objectives when MiFID came into force, and whereas, following the financial crisis, limiting systemic risk must be ~~prioritised~~added to these highly relevant priority areas in the MiFID review,

Amendment 80 #

Motion for a resolution
Paragraph 5

5. C~~alls for a review of whether~~onsiders that order-by- order best execution needs to be better served by regulation in relation to the availability of data, both post-trade and in relation to execution quality, and in relation to market technology, such as order routers and venue connections; calls for the introduction of a consolidated order book of all trading venues in order to guarantee an effective best execution to market participants;

Amendment 81 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for the introduction of new provisions in MIFID for BCNs equivalent to the requirements on SI including requirements to submit to the competent authorities:

Amendment 82 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for the ~~introduction of new provis~~classification as either MTFs if performing multilateral order matching or SIs if performing bilateral executions in MIFID for BCNs including requirements to submit to the competent authorities:

Amendment 83 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for th~~e introduction~~orough enforcement of ~~new~~the provisions in MIFID ~~for BCNs including requirements~~to ensure that BCNs that are carrying out activities equivalent to an RM, MTF or SI are regulated as such, and in order to facilitate this enforcement insists that all BCNs should be required to submit to the competent authorities:

Amendment 84 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for ~~the introduction of new provisions in MIFID for BCNs including requirements to submit to the competent authorities~~BCNs to be supervised by competent authorities as MTFs and/or SIs depending on their activities resulting from:

Amendment 85 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for ~~the introduction of new provisions in MIFID for BCNs including requirement~~requiring BCNs to submit to the competent authorities:

Amendment 86 #

Motion for a resolution
Paragraph 6 – introductory part

6. Calls for the Commission to introduc~~tion of~~e new provisions in MIFID for BCNs including requirements to submit to the competent authorities:

Amendment 87 #

Motion for a resolution
Paragraph 7

~~7. Calls for an investigation into a suitable volume threshold above which BCNs would be required to convert to an MTF;~~deleted

Amendment 88 #

Motion for a resolution
Paragraph 7

~~7. Calls for an investigation into a suitable volume threshold above which BCNs would be required to convert to an MTF;~~deleted

Amendment 89 #

Motion for a resolution
Paragraph 7

~~7. Calls for an investigation into a suitable volume threshold above which BCNs would be required to convert to an MTF;~~deleted

Amendment 9 #

Motion for a resolution
Recital B

B. whereas consumer protection, transparent, efficient and liquid markets and competition on a level playing field were the key objectives when MiFID came into force~~, and whereas,~~; following the financial crisis, limiting systemic risk must also be prioritised, in the review of MiFID in addition to the above mentioned objectives.

Amendment 90 #

Motion for a resolution
Paragraph 7

7. Calls for an investigation into ~~a suitable volume thre~~what transparency regime should ~~above which BCNs would be required to convert to an MTF;~~be applied to BCNs in view of the transparency obligations imposed on MTFs and SIs,

Amendment 91 #

Motion for a resolution
Paragraph 7

7. Calls for an investigation into a suitable volume threshold above which BCNs would be required to convert to an MTF and OTC transactions to move to regulated venues;

Amendment 92 #

Motion for a resolution
Paragraph 7

7. Calls for an investigation into ~~a suitable volume threshold above which~~the functional requirements which when met BCNs would be required to convert to an MTF;

Amendment 93 #

Motion for a resolution
Paragraph 7

7. Calls for an investigation into a suitable and proportionate volume threshold above which BCNs would be required to convert to an MTF;

Amendment 94 #

Motion for a resolution
Paragraph 7

7. Calls for an investigation into a suitable volume or traded value threshold above which BCNs would be required to convert to an MTF;

Amendment 95 #

Motion for a resolution
Paragraph 7 a (new)

7a. Asks that the new provisions in MiFID for BCNs are conditional upon their being closed systems, unable to interact with other BCNs;

Amendment 96 #

Motion for a resolution
Paragraph 8

8. Seeks a sectoral consultation which will inform the Commission on whether market makers should be allowed to interact with dark-pool orders within a BCN, or whether this should be disallowed and remain a venue for buy side customer orders to cross;deleted

Amendment 97 #

Motion for a resolution
Paragraph 8

Amendment 98 #

Motion for a resolution
Paragraph 8

Amendment 99 #