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 during January-June 2018 for the purpose of the systematic internalizer calculations for 9,173 equity and equity-like instruments and for 73,828 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 that it has been reported to ESMA. The publication of the data for the systematic internalizer calculations for derivatives and other instruments will start on 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, decided to compute, on a voluntary and best effort basis, the total volume and number of transactions executed in the EU; this was intended to help market participants in the performance of the systematic internalizer 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 II, MiFIR, Systematic Internalizers, Data, ESMA
Previous ArticlePRA Consults on Modeling of Volatility Adjustment for Solvency II
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.
APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.
EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.
The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.
FSB published a progress report on the implementation of reforms to major interest rate benchmarks, including the London Inter-bank Offered Rate (LIBOR) benchmark.