The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is publishing today a new package of public consultations with the objective of increasing transparency and system resilience in financial markets, reducing reporting burden and promoting convergence in the supervisory approach.
This package includes:
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Amendments to rules on the liquidity assessment for equity instruments, on equity transparency and on the volume cap.
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A draft of the new Implementing Technical Standard (ITS) on systematic internalisers (SIs).
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A section on the equity Consolidated Tape Provider (CTP) in relation to the input/output data, to ensure full alignment between the transparency requirements and the CTP specifications.
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A section on flags to be used in the post-trade transparency reports for non-equity instruments which was missing in the previous consultation.
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New rules specifying organisational requirements of trading venues, adding new provisions on circuit breakers and with targeted amendments to adapt to the DORA framework.
Once these standards are approved, they will facilitate the implementation of the Consolidated Tape Provider (CTP) in the European Union as well as contribute to a more informative pre-trade and post-trade transparency regime. The new rules also aim to foster efficiency and competitiveness in European financial markets, thanks to streamlined reporting requirements.
Next Steps
ESMA will consider all comments received by:
- 15 September 2024 for the technical advice (Section 3), RTS 1 (Section 4), the RTS on input/output data for shares and ETFs CTP (Section 8) and the flags under RTS 2. Please submit your response here.
- 15 October 2024 for the SI ITS (Section 5), RTS 3 (Section 6) and RTS 7 (Section 7). Please submit your response here.
ESMA will prepare a final report and intends to submit to the European Commission the technical advice and the draft technical standards for RTS 1, the whole input/output data RTS and RTS 2 (including the flags) in December 2024, and the remaining mandates in March 2025. Further information on the MiFID II /MiFIR review and the upcoming consultation process can be found on the dedicated webpage.
