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Our Secondary Markets Expert Group contributed to our response to ESMA's Discussion Paper on the Draft Technical Standards for the Regulation on improving securities settlement in the European Union and on central securities depositories (CSD). We asked ESMA to consider in its Technical Standards the fact that there is a significant number of smaller companies who could see liquidity in their shares drop dramatically due to the changes in the in trading economics faced by liquidity providers.We supported that ESMA should ensure an efficient settlement regime, while recognising that less liquid small and mid-size company stocks both on SME Growth Markets and on regulated markets need this to be calibrated differently to ensure that smaller companies can continue to grow and create jobs. We provided detailed answers to the questions which we believe could cause the greatest impact on small and mid-size quoted companies.

Click here to download the response (pdf)

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