MFA submitted comments to the Committee of European Securities Regulators (CESR) in response to its call for evidence on micro-structural issues of the European equity markets. MFA provided comments on high frequency trading, sponsored access and co-location. We believe these advancements in technology and trading have empowered investors, both institutional and retail, with more sophisticated and efficient methods to access the markets and execute their investment strategies globally. In the process, these equity market developments have led to greater market liquidity and depth, tighter bid-ask spreads and lower transaction costs. These changes also lower the cost of capital and enhance economic growth.