Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.2.1
5.VII.2.1 General
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266699:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares 4 February 2020 (ESMA70-156-2188), p. 49.
ESMA, ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares 4 February 2020 (ESMA70-156-2188), p. 49.
ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares 4 February 2020 (ESMA70-156-2188), p. 49. Another factor for the growth in SIs, according to ESMA, is that SIs are an eligible venue under the MiFID II share trading obligation. For an examination, reference is made to paragraph 3 below.
ESMA observed in the consultation paper that the amount of SIs has grown following the application of MiFID II. ESMA stated that the number of SIs in shares increased from ten, mostly from the UK, to above 70 with a much more even geographical distribution.1 ESMA indicated that the MiFID II aim of improving the level playing field between RMs/MTFs and SIs seems to fall short given the increased market share of SI trading. Furthermore, ESMA stated that most of SI trading is still not subject to equity pre-trade transparency requirements (i.e. SIs are subject to a lighter equity pre-trade transparency regime than RMs and MTFs).2 In view of ESMA, the lighter equity pre-trade transparency makes SIs a more attractive venue for market participants to the detriment of lit RMs and MTFs, thereby reducing market transparency.3 The ESMA proposals look to introduce a stricter regime for SIs.