The MiFID/MiFIR review will be key to the future success and competitiveness of the EU's capital markets. 

With international competition for investment heating up markedly, European legislators need to ensure that EU regulation is helping, and not hindering, capital market growth and participation.

Various European trade associations representing EU capital markets, including EFAMA, BVI, EFSA and NSA, have published a letter outlining their main priorities for the review. This includes the following core elements:

•    Creating an EU consolidated tape to bridge EU capital markets
•    Addressing market data costs
•    Reforming the transparency regime for equity in a pragmatic way
•    Preserving balance on the transparency regime for non-equity
•    Alleviating investment firms’ best-execution reporting constraints
•    Defining precisely scoped in practices for payment for order flow (PFOF)