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June 07, 2017

EC published, in the Official Journal of the European Union, the Commission Implementing Regulation (CIR 2017/953) that lays down standards on the format and timing of position reports by investment firms and market operators of trading venues, pursuant to the second Markets in Financial Instruments Directive (MiFID II or Directive 2014/65/EU). This regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and it shall apply from January 03, 2018. To ensure smooth functioning of the financial markets, it is necessary that the provisions laid down in CIR 2017/953 and in MiFID II apply from the same date.

The regulation CIR 2017/953 specifies that market operators and investment firms referred to in Article 58(1) of MiFID II shall send ESMA the weekly report referred to in point (a) of that Article regarding the aggregate positions held at the close of business of each week no later than Wednesday 17.30 CET of the following week. Where either Monday, Tuesday, or Wednesday of the week in which that report is to be submitted is not a working day for the market operator or investment firm referred to in the first paragraph, that market operator or investment firm shall submit the report as soon as possible and no later than Thursday 17.30 CET of that week. CIR 2017/953 is based on the draft implementing technical standards submitted by ESMA to the EC. ESMA has conducted open public consultations on the draft implementing technical standards on which CIR 2017/953 is based, analyzed the potential related costs and benefits, and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010.

 

Under MiFID II, market operators and investment firms operating a trading venue on which financial instruments, such as commodity derivatives, emission allowances, and derivatives thereof, are traded are required to make public a weekly report. This report should contain the aggregate number of persons holding the contract and the total open position for each commodity derivative, emission allowance, or derivative thereof, which exceeds the thresholds specified in regulatory technical standards for the application of position limits to commodity derivatives (Commission Delegated Regulation or CDR (EU) 2017/591) and communicate that report to ESMA. Timely submission of reports previously published by the respective trading venues within a clear and common deadline facilitates the weekly centralized publication by ESMA of those reports from across the EU. This is intended to bring greater transparency to markets in commodity derivatives, emission allowances, and derivatives thereof.

 

Related Links

CIR 2017/953 (PDF)

CDR (EU) 2017/591

MiFID II and Related Regulations

EMIR and Related Laws

Effective Date: June 27, 2017

Keywords: Securities, Europe, EC, MiFID II, OTC Derivatives, Trading Venues, Reporting

 


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