Secondary Markets SC

CHAIR : Martin Wheatley, Chief Executive Officer, FCA


    •  The Secondary Markets Standing Committee 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).

    •    In particular, the Standing Committee assesses the impact of changes in the market structure to the transparency and efficiency of trading and develops ESMA policy in relation to the issues identified. This applies not only to shares that are currently subject to the Markets in Financial Instruments Directive (MiFID) transparency requirements but also to non-equity financial instrument and commodity markets. The Standing Committee also fosters supervisory convergence among the national authorities in its area of competence.

In terms of policy, the Standing Committee has responsibility for elaborating advice to the European Commission, 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. 

To access the databases set out under MiFID, please click here: Databases on Shares admitted to trading on EU Regulated Markets, Systematic Internalisers, Regulated Markets, MTFs and Central Counterparties.

Documents relating to transaction reporting are published on the pages of the IT Management and Governance Group, Market Integrity Standing Committee and MiFID Archive. 

A consultative working group has been formed to assist the Standing Committee (the list of the members of the CWG is available on the right). 

Any correspondence regarding the work of this Standing Committee should be sent to the ESMA Staff.


Click here to download SMSC Terms of Reference

Members of the SMSC consultative group

Name Title
Chris Allen Global Group Head of Regulatory Policy, Barclays
Palle Broman 
Director, Markets Regulation, Jyske Bank
Angela Fenwick 
Project Leader / Managing Director, Banca IMI
Daniel Kapffer
COO Capital Markets and Asset Management, DekaBank
Michelle Neal
Global Head of Listed Derivatives, Markets Clearing and FIC Market Structure, Deutsche Bank AG
Magnus Billing President, Nasdaq OMX Nordic Limited
Godfried de Vidts Director of European Affairs, ICAP
Mark Hemsley Chairman & CEO Bats, Chi-X-Europe
Bernd Mack Executive Vice President, Head of Market Structure, Eurex Frankfurt AG
Jorge Yzaguirre Head of Equity Unit, Bolsas y Mercados Espanoles (BME)
Giuseppe Catalano Company Secretary and Head of Corporate Affairs at Assicurazioni Generali SpA
Remco Lenterman Managing Director, IMC Financial Markets
Virginie Saade  Managing Director, Execution Services and Market Structure, KCG
Constantin Cotzias Director, Bloomberg Europe
Marcus Schueler Head of Regulatory Affairs, Markit
Thijs Aaten Managing Director Treasury & Trading, APG Asset Management
Dale Brooksbank Head of Trading, EMEA, State Street Global Advisors Limited
Øyvind Schanke Global Head of Equity Trading, Norges Bank Investment Management (NBIM)
Bartosz Dziemaszkiewicz Vice President, Polish Individual Investors' Association
Peter Gomber Professor of e-Finance, Goethe University Frankfurt
Josina Kamerling Head of Regulatory Outreach EMEA, CFA Institute
Benoit Lallemand Co-Head of Policy Analysis, Finance Watch
Nicola (Niki) Beattie Founder and Chief Executive, Market Structure Partners