Cesr calls for ETF transparency

The Committee of European Securities Regulators (Cesr) listed its recommendations for changes to the Markets in Financial Instruments Directive (Mifid), which came into force in 2007, including an expansion of existing transparency requirements to include ETFs, certificates and depository receipts, all of which it says are economically equivalent to shares. It says equity trade data should be consolidated into a single European tape. This recommendation, whereby all ETF and equity trades would be reported, has long been promoted by certain members of the ETF industry. As the majority ...