Seeking to address rapid changes in market structure and technology which could affect the functioning of financial markets. The emergence of new organised trading facilities and technological innovations need to be suitably accounted for by regulation.

Extending MiFID to meet G20 targets of tackling less regulated and more opaque parts of the financial system. Extensions will seek to improve the organisation, transparency and oversight of these market segments, particularly in relation to over-the-counter (OTC) instruments. Any amendments to MiFID will complement the Commission's legislative proposal on OTC derivatives, central counterparties (CCPs) and trade repositories (also known as the European Market Infrastructure Regulation (EMIR)).

Introducing measures to improve oversight and transparency in commodity derivatives markets, particularly for hedging and price discovery purposes.

Improving MiFID requirements relating to investor protections.

Developments in market structures. This section discusses the definition of "admitted to trading", organised trading facilities, automated trading, systematic internalisers, market surveillance and markets for small and medium sized enterprises (SMEs).

Pre- and post-trade transparency. Improvements to pre- and post-trade transparency in EU equity markets and new measures on pre- and post-trade transparency in non-equity markets are set out in the consultation.

Data consolidation. This section sets out potential improvements to market data consolidation, including raw trade data, post-trade data for investors and the introduction of a consolidated tape for the EU market (that is, an integrated trade reporting system).

Commodity derivative markets. The consultation examines requirements for commodity derivative exchanges, MiFID exemptions for commodity firms, the definition of derivative financial instruments and emission allowances.

Transaction reporting. Clarifications and extensions to the transaction reporting regime are set out in the consultation.

Investor protection and provision of investment services. Potential revisions relate to the scope of MiFID, conduct of business obligations and authorisation and organisational requirements.

Further convergence of the regulatory framework and supervisory practices. This section presents suggestions aimed at narrowing or eliminating some member state options and discretion and increasing the effectiveness of supervision and enforcement.

Reinforcement of key supervisory powers. This includes proposals relating to a ban on specific activities, products or practices, and stronger oversight of derivative positions.