Esma unveils Secondary Markets Standing Committee

The European Securities and Markets Authority (Esma) has formed a Consultative Working Group (CWG) for the Esma Secondary Markets Standing Committee (SMSC) as the two-year-term of the existing CWG recently expired.

The new CWG will feature Martin Wheatley, chief executive officer at the UK Financial Conduct Authority (FCA), as chairman with senior Esma officers Alberto García, Carsten Ostermann, Nuno Casal and Catherine Sutcliffe as rapporteurs.

The SMSC undertakes Esma’s work relating to the structure, transparency and efficiency of secondary markets for financial instruments, including trading platforms and OTC markets (regulated markets, MTFs, systematic internalisers, other organised trading platforms and activity of intermediaries in trading platforms).

The Standing Committee will be responsible for assessing the impact of changes in the market structure to the transparency and efficiency of trading while developing the regulator’s policy in relation to the issues identified including the Markets in Financial Instruments Directive (Mifid) transparency requirements but also non-equity financial instruments and commodity markets.

The Standing Committee (SC) also fosters supervisory convergence among the national authorities in its area of competence.
In terms of policy, the SC will also be responsible for elaborating advice to the European Commission on the need for possible changes to the Level 1 Directive, and technical standards and guidelines and recommendations relating to the Mifid provisions applicable to regulated markets, MTFs, systematic internalisers, other organised trading platforms and pre- and post-trade transparency.

The SMSC will meet on a regular basis to deliver Esma’s annual work programme.

Esma also appointed a consultative working group that has been formed to assist the SC.

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Esma unveils Secondary Markets Standing Committee