The European Primary Dealers Association (“EPDA”) is pleased to present its discussion paper in relation to the potential practice of third party access to traditional dealer markets on electronic platforms (the “Third Party Access Discussion Paper”) in order to foster debate and discussion within the wider market on this important topic.

We aim to examine the implications of each practice: order routing and direct market access and, where possible, offer answers and solutions. We note that this paper examines solely regulated markets where quoting obligations are present while we do not address separate unregulated markets which may be established to exist in parallel. We believe that should such parallel markets be proposed, the marketplace at large ought to be consulted. The impact of such potential markets must be carefully considered. We reserve the right to examine such issues in the future in a separate paper.