The Exchange has responded to the European Securities Committee's most recent working paper on proposed implementing legislation for the MIFID provisions concerning conduct of business. The Exchange has asked the ESC to remove the provision requiring execution venues to publish execution quality data. The Exchange believes that there is no value in such a requirement, given the extensive transparency requirements with which all execution venues must comply.
Furthermore, there is a healthy market in third party products that analyse transaction quality. The Exchange believes that these valuable products, that have been developed to meet investor and firm needs, may be squeezed out by mandatory regulatory reports that are less useful.