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EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/7.II.3
7.II.3 National post-trade transparency obligations
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266569:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4. See also FESCO who stressed that in the vast majority of Member States the ISD post-trade transparency requirements for RMs were exceeded. This was already the case when the FESCO standards for RMs were published (FESCO, Standards for Regulated Markets Under the ISD, 1999(99-FESCO-C), p. 11).
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
MiFID I harmonises the concept of a ‘system’. MiFID I, among other things, notes transactions concluded under the rules of an RM or MTF are ‘considered to be concluded under the systems of an RM or an MTF’ (recital 6 MiFID I Directive). A similar interpretation is in place under MiFID II (recital 7 MiFIR).
CESR, Public Consultation: Publication and Consolidation of MiFID Market Transparency, October 2006(CESR/06-551), p. 4.
The FESCO standards were reflected in most national post-trade transparency regulations of the individual Member States. CESR (formal successor of FESCO) stated that in the vast majority of Member States the national legislator and/or NCA set high level (pre- and) post-trade transparency obligations for RMs.1 CESR added that the high-level post-trade transparency obligations were frequently specified through RMs rulebooks.2 In other jurisdictions, RMs imposed post-trade transparency requirements themselves (i.e. RM rulebook). In these jurisdictions, the RM, including its rulebook, was subject to approval of the NCA.3
CESR observed that generally RMs post-trade transparency obligations across the individual Member States required to make public: (1) price and (2) volume (3) in real-time. Trades carried out outside the normal trading hours of RM were usually made public before the market opening on the next trading day.4
The FESCO standards with respect to the scope of RM publication (‘off-market trades’) was also visible in most national regulations. CESR noted that in most Member States post-trade transparency requirements ‘only applied to order-book trading on the one hand and off-order book trading conducted under the rules of an RM on the other’.5 CESR added that in some cases all trading by members and participants of an RM (irrespective of where they were executed) were obliged to report their trades to an RM, and they were considered as executed under the rules of the RM and were published by the RM.6
In other words, in most Member States RMs published faster and more in-depth post-trade information than the ISD required (i.e. price, volume, real-time). RMs published both post-trade information of trades concluded through their technical systems (‘order-book trading’), as well as for those outside the technical systems, but under the rules of an RM (‘off-order book trading conducted under the rules of an RM’).7 The CESR statement also teaches us that some Member States had a very strict interpretation of ‘under the rules of an RM’. These Member States interpreted all trading conducted by RM members and participants to be included under the RM rules. As a consequence, RM in these Member States published all completed trades (i.e. post-trade information) concerning RM members and participants.8