The European Securities and Markets Authority (ESMA) today published new public consultations with the aim of “reducing reporting burden and promoting convergence in the supervisory approach”.
The consultation package includes five key focuses; the standards once approved are set to facilitate consolidated tape provider (CTP) appointment for the EU as well as increased transparency across market factions including more informative pre- and post-trade regimes.
“The new rules also aim to foster efficiency and competitiveness in European financial markets, thanks to streamlined reporting requirements,” said ESMA.
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The package is specifically focused on: rule amendments for liquidity assessment for equity instruments (transparency and volume cap); new drafts for ‘implementing technical standard’ on SI’s; clear specifications around the equity CTP including data considerations; and the flags to be used in post-trade transparency reports for non-equity instruments.
In addition, ESMA confirmed that part of the consultation package will include new rules for specifying the organisational requirements of trading venues, “adding new provisions on circuit breakers and with targeted amendments to adapt to the DORA framework”.
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ESMA confirmed that they will prepare a final report for submission to the European Commission in December 2024, with the remaining mandates to be submitted in March 2025.
All comments should be received by 15 September 2024 for sections 3, 4 and 8. For sections 5, 6, and 7 the deadline is 15 October 2024.