In a working paper published at the beginning of April, the Federation of European Securities Exchanges (FESE) insists on the need for substantial adjustments to the European market infrastructure and supervision reform package ‘MISP’ (see EUROPE B13825A24). The organisation welcomes a “timely and important initiative” to strengthen the integration and competitiveness of EU capital markets, but believes that the legislative proposal, as it stands, fails to address some key structural...