The European Fund and Asset Management Association, together with four financial industry associations, has urged European Union co-legislators to keep the Market Integration and Supervision Package focused on targeted, evidence-based equity market reforms rather than rules directing where investors may trade. The groups argue there is no evidence that bilateral and off-exchange execution has damaged market quality and warn that venue mandates would restrict investor choice, raise execution costs and weaken the attractiveness of EU shares and listings. The position develops EFAMA’s earlier support for targeted simplification and an enhanced consolidated tape under the package, a central element of the Savings and Investments Union agenda. The associations want lawmakers to address areas where they see genuine barriers to competition. Their proposals include revising the Markets in Financial Instruments Regulation’s market data provisions, regular European Securities and Markets Authority reporting on their implementation, mandatory interoperability for significant equity central counterparties subject to risk safeguards, wider use of TARGET2-Securities and greater scrutiny of central securities depository fees. They also support venue attribution and five levels of order book depth in the equity consolidated tape, alongside clearer and more consistent post-trade reporting. More broadly, they caution against reopening recently implemented market structure rules without evidence of problems or a clear assessment of the consequences.

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