CESR’s proposals cover: introduction of a third trading capacity, collection of client and meaningful counterparty identifiers, client ID collection when orders are transmitted for execution and transaction reporting by market members not authorized as investment firms.
The paper sets out CESR’s proposal for amending the transaction reporting regime under MiFID. The key purpose behind the suggested amendments is to improve market supervision.
The proposed main amendments focus on the following areas:
· Introduction of a third trading capacity (riskless principal);
· Collection of client and meaningful counterparty identifiers – CESR would like to suggest to the European Commission that the collection of client IDs and meaningful identifiers for all counterparties would be made mandatory to all competent authorities
· Standards for client and counterparty identifiers – CESR elaborates on possible guidance and future standards for client and counterparty identifiers;
· Client ID collection when orders are transmitted for execution - CESR suggests amending MiFID to enable competent authorities to require that, when orders are transmitted for execution, the transmitting firm either provides the client ID to the receiving firm or reports the trade, including full client ID, to the CA; and
· Transaction reporting by market members not authorised as investment firms - CESR suggests amending MiFID by introducing a transaction reporting obligation to those persons that are members of a regulated market or MTF or, alternatively, by introducing a similar obligation on regulated markets or MTFs that admit these undertakings as members.
Stakeholders are being consulted on their views on CESRs proposal for MiFID amendments in relation to transaction reporting and whether there are other areas where they would like CESR to conduct further work in relation to transaction reporting.
Deadline for comments 31 May 2010
© CESR - Committee of European Securities Regulators
Documents associated with this article
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CESR consultation 10_292.pdf
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