Date: 11th February 2013

EuroFinUse presented its position on the proposals in MiFID II on capital market structures. MiFID II proposal from the EC does not in EuroFinUse's view fix this major market fragmentation issue and the induced lack of consolidated trade data readily available to small investors. Like MiFID I, this proposal it is still mainly aimed at satisfying financial institutions and intermediaries, rather than the real economy users, for whom the capital markets were developed in the first place. MiFID II only favours again the “reintermediation” of capital markets which used to provide the direct finance conduct for the real economy.