Responses
  Closing date : 24 Apr. 2006  
Call for evidence on consolidation of market transparency data

24 Mar. 2006 - Market transparency is a key feature of the MiFID (2004/39/EC). An adequate level of pre- and post-trade information contributes to the effective operation of the market and for investor protection.
There is a clear risk of data fragmentation following the implementation of MiFID, which could potentially undermine the transparency objective in MiFID. In order to achieve efficient price discovery and facilitate achievement and monitoring of best execution, information about prices and transactions should ideally be available in a consolidated format. The Directive establishes a framework for the publication of both pre- and post -trade information, but the consolidation of the information from separate sources is left to market forces.
CESR organised in December 2005 a round table where the issues were discussed with some market participants for the first time. In its meeting in January 2006 CESR decided to proceed by issuing a call for evidence and organising an open hearing in order to have a more complete view from different market participants. Based on the feedback, the more precise content of further (if any) action will be decided in the next CESR meeting in May 2006.
CESR is inviting all interested parties to submit their views regarding the (potential) future work on transparency data publication and consolidation.

       
28 Apr. 2006Banking
ABI - Italian Banking Association
28 Apr. 2006Banking
British Bankers' Association
28 Apr. 2006Banking
Dresdner Bank AG
28 Apr. 2006Banking
European Association of Public Banks
28 Apr. 2006Banking
European Banking Federation
28 Apr. 2006Banking
European Savings Banks Group
28 Apr. 2006Banking
FIX Protocol Limited
28 Apr. 2006Banking
SWIFT
28 Apr. 2006Banking
Zentraler Kreditausschuss (ZKA)/ Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR)
28 Apr. 2006Individuals
BearingPoint
28 Apr. 2006Individuals
Cowell Consulting Limited
28 Apr. 2006Insurance, pension & asset management
EFAMA
28 Apr. 2006Insurance, pension & asset management
Investment Management Association
28 Apr. 2006Investment services
APCIMS
28 Apr. 2006Investment services
ASSOSIM
28 Apr. 2006Investment services
FISD/SIIA - Financial Information Services Division - Software and Information Industry Association
28 Apr. 2006Investor relations
Danish Shareholders Association
28 Apr. 2006Issuers
DAI
10 May. 2006Others
GL Trade
28 Apr. 2006Others
Thomson Financial Limited
28 Apr. 2006Press
Reuters
28 Apr. 2006Regulated markets, exchanges & trading systems
Bloomberg L.P,
28 Apr. 2006Regulated markets, exchanges & trading systems
Bloomberg L.P.
28 Apr. 2006Regulated markets, exchanges & trading systems
Deutsche Börse
28 Apr. 2006Regulated markets, exchanges & trading systems
EuroECN
28 Apr. 2006Regulated markets, exchanges & trading systems
FESE
28 Apr. 2006Regulated markets, exchanges & trading systems
London Stock Exchange
28 Apr. 2006Regulated markets, exchanges & trading systems
virt-x Exchange Limited
28 Apr. 2006Regulated markets, exchanges & trading systems
WSE