EU regulators stymied by Esma on electronic access

Treatment for third-country firms unknown until European Commission makes equivalence decision

Changes in regulation may prove an obstacle for investors in Benelux
Stumbling block: without a licence, third-country firms will have limited options as to which EU venues they can access

National supervisors in the European Union are waiting on the European Commission (EC) and European Securities and Markets Authority (Esma) to decide whether third-country firms will need a licence under upcoming EU market rules for direct electronic access to the region’s exchanges, a conference in London has heard.

Without a licence, third-country firms will have limited options as to which EU venues they will be able to access. At least one national regulator is worried Esma’s decision may

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