Latest publications and news


Position on the ESMA Technical Advice on MiFID II and MiFIR

Posted on April 07, 2015

The NSA welcomes ESMA's Final Technical Advice on MiFID II and MiFIR. The Position Paper highlights key issues for Nordic securities markets. The paper advocates a careful calibration of equity markets transparency requirements and need to dismantle market data monopolies. Some technical details have wider macro-economic impact on SME financing. In this respect the NSA is concerned about unintended consequences of regulatory treatment of financial research. Nordic market also recommends regulators to create clear and unambiguous on safeguarding of client assets.

Nordic Securities Association response to ESMA MiFID II consultation submitted

Posted on March 02, 2015

The NSA submitted its response to ESMA's second MiFID II consultation on March 2nd, 2015. The response handles equity, non-equity, transaction reporting and investor protection issues.

NSA views on reporting and transparency of securities financing transactions (SFTR)

Posted on January 05, 2015

Nordic Securities Association publishes its views on the Commission proposal for a regulation on reporting and transparency of securities financing transactions. 

We are pleased with the improved transparency regarding securities lending and repo markets but are worried about the additional costs the detailed proposals might bring to this important market. Especially the requirements regarding rehypothecation are proposed to be implemented too quickly taking into account the huge amount of open collateral agreements that would need to be renegotiated. 

With few rather small amendments and additional phase-in periods this regulation would better fit into the current Better Regulation agenda. These are further discussed in our policy paper.


Briefing Note on Tick Sizes in MiFID II

Posted on November 25, 2014

The NSA Briefing Note provides arguments for a conservative implementation of the parameters for a new tick size regime compared to what is proposed by ESMA.