Legislation includes mandatory contribution from trading venues, a single consolidator model real-time data.
Standardized credits can be created & distributed with full auditability through the transaction lifecycle.
Impact was mitigated on London’s Alternative Investment Market by NOMAD requirement.
The bill directs the SEC to extend the MiFID II no-action relief for six months.
This harms the competitiveness of U.S. markets and buyside will lose access to important research.
Some US brokers may lose European revenues and many European managers will have less access to US research.
US broker-dealers receiving unbundled research payments would be subject to regulation if the relief expired.
Issues include the consolidated tape and trade transparency.
EFAMA said a real-time tape for equities with the inclusion of pre and post-trade data is needed.
