Impact de la directive MiFID sur le marché des données financières

Dans cette note de l’Institut européen des marchés de capitaux (European Capital Markets Institute, ECMI), le directeur du Centre d’études politiques européennes (CEPS), Karel Lannoo, soutient que la mise en oeuvre de la directive concernant les marchés d’instruments financiers (MiFID) aura un impact significatif sur le commerce de données sur les marchés financiers.

The opening-up of the market for equity market data raises the question of whether data will be sufficiently consolidated and of high enough quality post-MiFID, or whether it will become too fragmented, thereby hindering price transparency and the implementation of best execution policies.

This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by CESR, the FSA and the US authorities. 

It concludes that markets should be capable of adapting and that additional licensing requirements, such as those proposed by the FSA, are in fact premature and act as a barrier to the single market. Nor would a US-style monopoly consolidator be needed in this case.

• Centre for Europen Policy Studies (CEPS): Financial Market Data and MiFID (30 March 2007)