ESMA published data for the systematic internalizer calculations for equity, equity-like instruments, and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). ESMA published the total number of trades and total volume over the period April-September 2018 for the purpose of the systematic internalizer calculations for 17,999 equity and equity-like instruments and for 387,212 bonds.
The results have been published only for instruments for which trading venues submitted data for at least 95% of all trading days over the six-month observation period. The data also incorporate over-the-counter (OTC) trading to the extent it has been reported to ESMA. The publication includes data for instruments that are no longer available for trading on EU trading venues at the end of October. The publication of data for the systematic internalizer calculations for derivatives and other instruments will start from February 01, 2019, as set out in the plan announced by ESMA on July 12, 2018.
According to Article 4(1)(20) of MiFID II, investment firms dealing on own account when executing client orders OTC on an organized, frequent, systematic, and substantial basis are subject to the mandatory systematic internalizer regime. ESMA, on request of market participants and on a voluntary basis, decided to compute the total volume and number of transactions executed in EU to help market participants in the performance of the test since that data is essential for the operation of the systematic internalizer regime and is not otherwise easily available.
Keywords: Europe, EU, Securities, MiFID/MiFIR, Systematic Internalizers, Data, Transparency, ESMA
Previous ArticleEBA Issues Consultations on Supervisory Reporting Framework 2.9
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.