The Secondary Markets Standing Committee undertakes all CESR’s work related to the structure, transparency and efficiency of secondary markets for financial instruments, including trading platforms and OTC markets (regulated markets, MTFs, systematic internalisers and activity of intermediaries in trading platforms).

In particular, the Standing Committee assesses the impact of changes in the market structure to the transparency and efficiency of trading and develops CESR policy in relation to the issues identified. This applies not only to shares that are currently subject to the Markets in Financial Instruments Directive (MiFID) transparency requirements but also to other financial instruments. The Standing Committee also fosters supervisory convergence among CESR Members in its area of competence.

In terms of policy, the Standing Committee has responsibility for elaborating Level 2 advice and Level 3 measures on the MiFID provisions applicable to regulated markets, multilateral trading facilities (MTFs), systematic internalisers and pre- and post-trade transparency, with a view to ensuring harmonised implementation of the EU legislation. More generally, the Standing Committee will identify and address other areas for further work in the field of secondary markets as appropriate. The Standing Committee also prepares CESR’s technical advice to the European Commission on the need for possible changes to the Level 1 and 2 Directive when requested.

To access various databases set out under the MiFID Directive, please click here: Databases on Shares admitted to trading on EU Regulated Markets, Systematic Internalisers, Regulated Markets, MTF's and Central Counterparties

Documents relating to Transaction Reporting are published on the page of the IT governance group.

Any correspondance regarding the work of this Committee should be sent to the CESR Secretariat.