On 26 June 2007, Charlie McCreevy (European Commissioner for Internal Market and Services) gave a speech at the Federation of European Stock Exchanges (FESE) Convention 2007. Mr McCreevy's speech was entitled Moving forward on capital market integration. The speech provided an overview of recent developments in the area of post trading and the implementation of MiFID.
In particular, Mr McCreevy mentioned that he has personally written to EU finance ministers, urging them to put MiFID implementation at the top of their agenda. He warns that those Member States who are not ready risk damaging their national firms as they will not have a new passport. Mr McCreevy also states that the Commission shall assess the impact of MiFID carefully but it already believes that it is having a big impact on the future shape of European markets with the consolidation of exchanges, the creation of new platforms and new trade reporting mechanisms.
One particular issue that Mr McCreevy refers to is the availability for use of real time data exhanges. He advises that it is important that market positions in respect of the supply of this data are not abused and that real time data needed to fulfil the requirements of MIFID is made available at reasonable cost to data customers and vendors, given that one of the main purposes of MiFID is to bring down overall transaction costs.
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