Mark MacGann is the Senior Vice-President, Head of European Government Affairs and Public Advocacy at NYSE Euronext.
In this video
Roland Bellegarde (Group EVP and Head of European Cash and Listing) talks about the objectives of MiFID 1 and its effects on competition and fragmentation of the markets and liquidity. He explains the particular challenge of ensuring investor protection through market transparency.
Roland also clarifies that transparency consists of both pre-trade and post-trade transparency, and explains the difference between dark and lit trading. He discusses why all transactions should be, in principle, pre-trade transparent and why only certain transactions should be exempted from transparency requirements. He discusses why the current regulation regarding transparency should be adjusted in order to increase investor protection in MiFID 2.
Finally, he explains the role of consolidated data in price formation; and how it contributes to market transparency.