ESMA consults on the review of transparency requirements under MiFIR
09 July 2021
The Consultation Paper focuses on technical issues and addresses topics that do not require a prior change of MiFID II/MiFIR.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched a Consultation Paper
on the review of the regulatory technical standards – RTS 1 equity and
RTS 2 – non-equity transparency – on transparency requirements under the
Markets in Financial Instruments Regulation (MiFIR).
The Consultation Paper focuses on technical issues
and addresses topics that do not require a prior change of MiFID
II/MiFIR. The review includes:
- providing more clarity on non-price forming transactions and the
reporting of such transactions which will help obtain a better picture
of the actual split between lit and over-the-counter (OTC) trading;
- a recalibration of the regime for commodity derivatives ensuring
better tailored transparency requirements for this class of
derivatives);
- providing further clarity on the reporting fields for post-trade
transparency and the reporting of reference data with the overall
objective of improving the quality of post-trade transparency data;
- providing clarification on the pre-trade transparency requirements
for new types of trading systems, i.e. frequent batch auctions and
hybrid systems; and
- increasing the pre- and post-trade large in scale thresholds for the
trading of Exchange Traded Funds (ETFs) to achieve a more meaningful
level of transparency in the ETF market.
This Consultation Paper reflects the findings and recommendations of
various MiFID review reports published by ESMA in 2019 and 2020 as well
as the feedback provided by stakeholders on necessary amendments to the
two RTS over the last years. This includes the call for evidence
published in 2020 as well as reflecting ESMA’s work on improving OTC
data quality.
ESMA
© ESMA
