Consultation Paper on the Opinion on Trading Venue perimeter

Read responses
Type of event
Investor protection

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they: 

  1. respond to the question stated;
  2. indicate the specific question to which the comment relates;
  3. contain a clear rationale; and
  4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 29 April 2022.

Who should read this paper?

This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities, investment firms and market operators that are subject to MiFID II and MiFIR. This paper is also important for trade associations and industry bodies, institutional and retail investors, their advisers, consumer groups, as well as any market participants because the MiFID II and MiFIR requirements concern the market structure of the EU and the perimeter of trading that should be considered as multilateral and regulated as such. 

Activity Institution Download
Fintech Data Boiler Technologies, LLC
  • 124162
Exchanges and Trading Systems EVIA
  • 124163
Banking German Banking Industry Committee (GBIC)
  • 124165
Banking Bundesverband deutscher Banken (BdB)
  • 124166
Regulated markets, exchanges & trading systems Euronext
  • 123919
Others FIX Trading Community
  • 123928
Fintech EquiLend Limited
  • 123929
Others International Capital Market Association
  • 124182
Asset Management The Investment Association ( The IA)
  • 123933
Investment Services Boerse Stuttgart cats GmbH
  • 123934
Regulated markets Deutsche Börse Group
  • 124167
Regulated markets, exchanges & trading systems Boerse Stuttgart Group
  • 123936
Exchanges and Trading Systems London Stock Exchange Group (LSEG)
  • 123938
Investment Services AMAFI
  • 123939
Investment Services Virtu Financial Europe
  • 124169
Fintech Symphony Communication Services, LLC
  • 124170
Investment Services Svensk Värdepappersmarknad Service AB
  • 124171
Issuers German Derivatives Association (DDV)
  • 124173
Investment Services Finance Denmark
  • 124035
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
  • 124037
Others GFMA
  • 124174
Exchanges and Trading Systems BME
  • 124045
Asset Management Trade Association
  • 124176
European Banking Federation
  • 124048
Others International Swaps and Derivatives Association
  • 124051
Exchanges and Trading Systems Europex, Association of European Energy Exchanges
  • 124054
Regulated markets, exchanges & trading systems European Energy Exchange AG
  • 124055
Exchanges and Trading Systems Nasdaq
  • 124056
Others ACI Financial Markets Association
  • 124057
Others EFMLG - European Financial Markets Lawyer Group
  • 124177
Banking Italian Banking Association
  • 124059
Banking AFME
  • 124063
Regulated markets Federation of European Securities Exchanges (FESE)
  • 124064
Regulated markets, exchanges & trading systems Electronic Debt Markets Association (EDMA )
  • 124067
Banking ING Bank N.V.
  • 124068
Banking AFPDB
  • 124179
Others Citadel Securities
  • 124073
State Street Digital
  • 124180
Others European Principal Traders Association (FIA EPTA)
  • 124075
Investment Services Bundesverband der Wertpapierfirmen (bwf)
  • 124076