The European Parliament’s Economic and Monetary Affairs Committee has published a letter from the MiFID II negotiating team to Valdis Dombrovskis, Vice-President at the European Commission (Commission), about concerns relating to systematic internalisers operating broker crossing networks. In the letter, the negotiation team notes that it is expecting the Commission to further investigate  the matter as a priority and to commit to using legal instruments to address the problem. The negotiating team share the view expressed by the European Securities and Markets Authority (ESMA) that the Commission should provide for the necessary clarifications by way of a delegated act pursuant to Article 4(2) of MiFID II, which the Commission can adopt to adjust technical elements of definitions to market and technological developments. The negotiating team also encourages the Commission, when providing these clarifications, to take into account ESMA’s public guidance on the matter, under the Answers 15 and 16 of its Q&A on MiFID II / MiFIR market structures topics.

View European Parliament concerns about MiFID II systematic internalisers operating broker crossing networks, 11 April 2017

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