The Wholesale Markets Brokers’ Association (WMBA) has announced that with immediate effect it will change its name to the European Venues and Intermediaries Association (EVIA).
The Association says the new title reflects changes to the role of inter-dealer brokers following the implementation of Markets in Financial Instruments Directive (MiFID) II which comes into effect on 3 January 2018.
Under MiFID II, a new system of categorising market participants means that the association’s members will become operators of venues either as Organised Trading Facilities (OTFs) and/or as Multilateral Trading Facilities (MTFs), rather than pure intermediaries (IDBs). The reference to intermediaries in the new name reflects that members still perform a vital intermediation role as agents in the on- and the off-venue markets.
The role of the newly-re-branded EVIA will be, it says, to strive to ensure fair and effective markets across its membership through the common rulebook of MiFID II, which governs the operation of venues, preserves liquidity on venues and prevents liquidity fragmentation, while ensuring trading costs are minimised. As OTFs and MTFs are both classified as venues under MiFID II, their regulation will be akin to that of regulated exchanges.
EVIA adds it will continue to promote and enhance the value and competitiveness of inter-dealer broking by providing its members with co-ordination and a common voice to promote and standardise liquid and transparent markets. Fundamental to these objectives is the continuing work towards consolidated data and product identifiers to achieve the objectives of new regulation, it says, as well as to ensure clear communication with central banks, governments, policy makers, and regulators.
“MiFID II has been described by many as Europe’s big bang of market structure reforms,” says Alex McDonald, CEO, EVIA. “The new name of the association reflects the significant changes to the activities of our members brought about by MiFID II.”
David Clark, chairman, EVIA, adds, “Building upon our 50 years of history, the association will continue to work with members, other trade associations and policy makers to ensure the fair and efficient functioning of organised markets.”