Consultation Paper on the Opinion on Trading Venue perimeter

Consultation Paper on the Opinion on Trading Venue perimeter

from 28 January 2022 to 29 April 2022


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. 

Documents available for this Consultation
28/01/2022ESMA70-156-4978Consultation Paper on the Opinion on Trading Venue perimeter
28/01/2022ESMA70-156-4978 reply formReply form for the Consultation Paper on the Opinion on Trading Venue perimeter


Activity Institution Download
State Street Digital
European Banking Federation
Asset Management Trade Association
Asset Management The Investment Association ( The IA)
Banking Italian Banking Association
Banking AFME
Banking German Banking Industry Committee (GBIC)
Banking ING Bank N.V.
Banking Bundesverband deutscher Banken (BdB)
Banking AFPDB
Investment Services Virtu Financial Europe
Investment Services Svensk Värdepappersmarknad Service AB
Investment Services Finance Denmark
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
Investment Services Bundesverband der Wertpapierfirmen (bwf)
Investment Services Boerse Stuttgart cats GmbH
Investment Services AMAFI
Issuers German Derivatives Association (DDV)
Regulated markets Federation of European Securities Exchanges (FESE)
Regulated markets Deutsche Börse Group
Exchanges and Trading Systems EVIA
Exchanges and Trading Systems BME
Exchanges and Trading Systems Europex, Association of European Energy Exchanges
Exchanges and Trading Systems Nasdaq
Exchanges and Trading Systems London Stock Exchange Group (LSEG)
Others GFMA
Others Citadel Securities
Others FIX Trading Community
Others European Principal Traders Association (FIA EPTA)
Others International Capital Market Association
Others International Swaps and Derivatives Association
Others ACI Financial Markets Association
Others EFMLG - European Financial Markets Lawyer Group
Regulated markets, exchanges & trading systems Electronic Debt Markets Association (EDMA )
Regulated markets, exchanges & trading systems Euronext
Regulated markets, exchanges & trading systems European Energy Exchange AG
Regulated markets, exchanges & trading systems Boerse Stuttgart Group
Fintech Symphony Communication Services, LLC
Fintech Data Boiler Technologies, LLC
Fintech EquiLend Limited