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 Head of Legal for Trading, Barclays
Niki Beattie Founder and Chief Executive, Market Structure Partners
Roland Bellegarde Group Executive Vice President, NYSE Euronext
Hans Beyer Global Head of Fixed Income and Debt Capital Markets, SEB
Palle Broman Director, Markets Regulation, Jyske Bank
Giuseppe Catalano General Counsel and Company Secretary, Indesit Company SpA
Godfried De Vidts Director of European Affairs, ICAP
Athanassios Diplas Managing Director, Deutsche Bank
Peter Gomber Professor, Goethe-University Frankfurt/M
Mark Hemsley Chairman & CEO, BATS Chi-X
Remco Lenterman Managing Director, IMC Financial Markets
Christophe Lepitre Executive Vice President, OFI Asset Management
Bertrand Patillet Deputy Chief Executive Officer, Credit Agricole Cheuvreux
Giovanni Petrella Associate Professor, Universita Cattolica del Sacro Cuore
Pietro Poletto Head of ETF and Fixed Income Markets, Borsa Italiana
Robin Poynder Independent Regulatory Consultant
Rainer Riess Managing Director, Deutsche Boerse
Jonathan Ross CEO in Europe, GETCO
Øyvind G. Schanke Global Head of Equity Trading, Norges Bank Investment Management
Marcus Schüler Global Head of Regulatory Affairs, Markit
Jorge Yzaguirre Head of Equity Unit, BME