In an evidence collecting exercise, the Committee of European Securities Regulators has issued a ”Call for Evidence” in order to assess the impact of certain developments in European equity markets.

The document lists six areas of interest to CESR including the risks associated with Sponsored Access (as opposed to Direct Market Access) and whether Indications of Interest can in some circumstances be inconsistent with MiFID (and comments that the SEC has recently made announcements on these two matters). Other topics in the paper cover High Frequency Trading; Co-location; Trading Platform Fees; and the Reduction of Tick Size.