The London Stock Exchange has responded to the European Securities Committee working paper proposing level 2 implementing measures concerning transparency and admission to trading requirements for regulated markets.
The Exchange has praised the ESC for its open approach to consultation and for the excellent progress that has been made on the transparency provisions. However, the Exchange has some residual concerns about some of the detailed post trade transparency and admission to trading requirements.
In particular, the Exchange believes that the ESC's attempt to tie up entirely separate definitions contained within pre and post trade measures could lead to a substantial reduction in market transparency in the UK. The Exchange is also concerned that the Commission is attempting to use this directive to impose additional obligations on issuers through the admission to trading requirements, which it believes to be inappropriate.