CESR published two ‘Calls for Evidence’ on the impact that MiFID has on secondary markets functioning, and on the scope of MiFID’s transaction reporting obligations.
CESR has started to assess the impact and functioning of the MiFID Directive and published two ‘Calls for Evidence’ on the impact that MiFID has on secondary markets functioning, and on the scope of MiFID’s transaction reporting obligations. CESR also announces it has updated its transaction reporting exchange mechanism (TREM) improving further the exchange of information amongst supervisors.
Review of CESR conclusions on non-equity markets transparency: The review covers corporate bond markets, structured finance products and OTC derivatives, focusing on aspects of post-trade transparency for both retail and wholesale markets. A public consultation will be launched in December.
Call for evidence on the impact of MiFID on secondary markets functioning: The assessment will focus in particular on market transparency and integrity, regulated markets, Multilateral Trading Facilities and systematic internalisers. This work will be completed by May 2009.
Call for evidence on the scope of MiFID’s transaction reporting obligation: CESR will in a second step review the CESR Level 3 Guidelines on MiFID transaction reporting. The review will focus on the scope of the transaction reporting obligation and is to produce definitive guidance to converge current practices between CESR Members. This work is expected to be completed by the end of 2009.
Re-assessing CESR’s methodology for the MiFID market transparency calculations: MiFID introduced a market transparency regime that depends on the calculations that are currently being made on the basis of the trading data of the most liquid national market for each share. To make these calculations, CESR Members originally planned to start using data exchanged through TREM from March 2009. CESR will reassess in the course of the next few months whether there is a need to postpone this deadline and, if needed, will update its Protocol on the operation of the CESR MiFID Database.
Press release
Call on secondary markets functioning
Call on transaction reporting obligation
© CESR - Committee of European Securities Regulators
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