The European Union’s MiFID II/MiFIR framework aims to improve market efficiency by reducing the cost of market data for investors — an objective that MFA strongly supports. MiFIR stipulates that market data must be provided on a “reasonable commercial basis” and MFA agrees with the ESMA finding in December 2019 that so far this objective has not been achieved. MFA is engaged in an active advocacy campaign to hold trading venues accountable to MiFID/R requirements on the accessibility of market data. More broadly, MFA looks forward to engaging constructively with EU officials on the upcoming MiFID Review, and we will encourage streamlining reporting rules for asset managers.