Esma sidelined consultative group during rule-writing

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The European Securities and Markets Authority (Esma) has not convened one of its industry consultative groups since November 2011, according to three members of the group – and the quality of proposed rules has suffered as a result, they say.

"This is a volunteering job, but if you ask people to consult on something and then don't make use of their time, what can Esma expect? We have only had three meetings, if I recall correctly," says a member of Esma's post-trade standing committee, which is

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