This new title reflects changes to the role of inter-dealer brokers following the implementation of Markets in Financial Instruments Directive (MiFID) II which comes into effect on 3 January 2018.

Under MiFID II, a new system of categorising market participants means that the association’s members will become operators of venues either as Organised Trading Facilities (OTFs) and/or as Multilateral Trading Facilities (MTFs), rather than pure intermediaries (IDBs). The reference to intermediaries in the new name reflects that members still perform a vital intermediation role as agents in the on- and the off-venue markets.

The role of EVIA will be to strive to ensure fair and effective markets across its membership through the common rulebook of MiFID II, which governs the operation of venues, preserves liquidity on venues and prevents liquidity fragmentation, while ensuring trading costs are minimised. As OTFs and MTFs are both classified as venues under MiFID II, their regulation will be akin to that of regulated exchanges.

EVIA will continue to promote and enhance the value and competitiveness of inter-dealer broking by providing its members with co-ordination and a common voice to promote and standardise liquid and transparent markets. Fundamental to these objectives is the continuing work towards consolidated data and product identifiers to achieve the objectives of new regulation, and to ensure clear communication with central banks, governments, policy makers, and regulators.

Commenting on the changes, Alex McDonald, CEO, EVIA, said, "MiFID II has been described by many as Europe's big bang of market structure reforms. The new name of the association reflects the significant changes to the activities of our members brought about by MiFID II."

Adding to this, David Clark, Chairman, EVIA, said, "Building upon our 50 years of history, the association will continue to work with members, other trade associations and policy makers to ensure the fair and efficient functioning of organised markets.”

Adding to these comments, EVIA members said:

Steve Smith, Director of IT & Operations, Kyte Broking: “We are fully supportive of this rebranding; it reflects the new role of EVIA and is consistent with the evolution of Kyte Broking. Kyte has developed from being focused on the exchange traded markets, into off exchange markets, and now into the operation of an OTF. We look forward to working with the team at EVIA, and our clients, as markets continue to evolve."

Dan Marcus, Global Head of Strategy & Business Development, Tradition: “We are pleased to adapt our business in line with MiFID II requirements, including operating both OTF and MTF venues, in order to efficiently meet the needs of our clients. We look forward to working with EVIA and other member firms at this time of great change.”

David Perkins, Global Head of Electronic Markets, TP Icap: “As founding members we have worked closely with the association to help the industry navigate new regulations and evolving market structure. We are excited to be part of the repositioning of the association and look forward to welcoming new members as we experience further change in the years to come.”

Jeffrey Hogan, ‎Senior Managing Director, BGC Group: “Our association’s name change is synonymous with fundamental shifts in market structure and our group accordingly looks forward to welcoming additional members while continuing to engage with regulators and an increasingly wide spectrum of customers.”