The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the Final Report on the Opinion on the trading venue perimeter, providing guidance on when certain systems and facilities qualify as multilateral and therefore should seek authorisation as a trading venue.
The opinion builds on the MiFID II definition of multilateral systems and clarifies how to interpret the elements of the definition. It provides information in particular on how to classify a system and how to identify when third-party trading interests interact within a system.
The combination of the changes introduced in MiFID II and the continuous innovation in financial markets has led to different interpretations within the EU whether a system needs to be authorised as a trading venue. The Final Report seeks to harmonise interpretations on, amongst others, new technology providers and request for quote systems that may, in some instances, operate de facto a multilateral system without proper authorisation.
The guidance provided in this opinion will contribute to the consistency of supervisory practices and to achieving convergent approaches throughout the EU.
The document published today is based on the responses received to the consultation paper launched by ESMA in January 2022.
ESMA will work with national competent authorities (NCAs) to ensure that firms assess their systems against the ESMA Opinion and reflect whether they are operating under the appropriate authorisation. ESMA expects NCAs to require firms to take appropriate action to swiftly apply for authorisation as a trading venue where necessary.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the data for the systematic internaliser quarterly calculations for equity, equity-like instruments, bonds and for other non-equity instruments and the consolidated tape provider (CTP) under MiFID II and MiFIR.
Data for the systematic internaliser quarterly calculations
The data covers the total number of trades and total volume over the period 1 July 2022 to 31 December 2022 and includes:
Investment firms are required to perform the SI test by 15 February 2023.
The data is made available through FITRS in the XML files with publication date 1 February 2023.
The results for equity and equity-like instruments are published only for instruments for which trading venues submitted data for at least 95% of all trading days over the 6-month observation period. The data publications also incorporate OTC trading to the extent it has been reported to ESMA. The publication includes data for instruments traded or available for trading during the reference period considered.
Data for consolidated tape providers
The data published today on a voluntary basis covers the total number of trades and total volume for the asset classes of bonds and emission allowances over the period July to December 2022. This was done to support CTPs in their compliance with the Regulation to allow an operator wishing to enter this business to perform the required test.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its final report on the clearing (CO) and derivative trading (DTO) obligations to accompany the benchmark transition.
The report sets out proposed draft Regulatory Technical Standards (RTS) amending the scope of the CO and DTO for over-the-counter (OTC) interest rate derivatives (IRD) denominated in EUR, GBP, JPY, and USD.
The report is part of the transition away from EONIA and LIBOR and onto alternative benchmarks, primarily Risk-Free Rates such as €STR, SOFR, SONIA and TONA.
ESMA’s proposed amendments aim to ensure a smooth benchmark transition while maintaining an effective scope for these obligations, in line with the G20 objectives. The proposals include:
for the CO – introduce the TONA OIS (with maturities up to 30 years) class and extend the SOFR OIS class (up to 50 years); and
for the DTO – introduce certain €STR OIS classes.
In preparing the report, ESMA worked closely with authorities from third country jurisdictions who are currently also revising their respective CO and DTO, to facilitate international convergence as far as possible. ESMA had already submitted to the European Commission a first set of draft RTS amending the scope of the CO and of the DTO in November 2021, which have since then entered into force.
The draft RTS have been submitted to the European Commission for endorsement.
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements. These Guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and clarifying how competent authorities should use the information system developed by the three ESAs.
The joint Guidelines apply to competent authorities under the ESAs’ remit and are divided into two main parts:
The first one focuses on how competent authorities should input the data and use the ESAs’ information system, including on how to search for the fit and proper assessments of persons of interest that had already been made by other competent authorities.
Once a competent authority has identified that a relevant assessment has been made by another competent authority, the second part of the Guidelines clarifies how they should cooperate to exchange information.
Comments to the Consultation Paper can be sent by clicking on the "send your comments" button on the EBA's consultation page. The deadline for the submission of comments is 2 May 2023.
All contributions received will be published following the close of the consultation, unless requested otherwise.
Legal basis and next steps
The draft joint Guidelines have been developed in accordance with Article 31(a) of ESAs Founding Regulations, which mandates the ESAs to jointly establish a system for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions by competent authorities in accordance with the legislative acts referred to in Articles 1(2) of the ESAs Founding Regulations.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn the credit rating agency (CRA) registration of Qivalio SAS, following the asset transfer of the credit rating activities from Qivalio SAS to EthiFinance Ratings S.L. (formerly Axesor).
The withdrawal decisions follow the official notifications to ESMA by Qivalio SAS on 29 November 2022 of its intention to renounce the specific registrations under the conditions set out in Article 20(1)(a) of the CRA Regulation (CRAR).
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