EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.2.4.3:5.VII.1.2.4.3 Suspensions of waiver use based on montly ESMA calculation results (proposal 3)

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.2.4.3

5.VII.1.2.4.3 Suspensions of waiver use based on montly ESMA calculation results (proposal 3)

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Currently NCAs need to issue a suspension notice and require RMs and MTFs to suspend dark trading on the basis of ESMA’s publication. Many respondents to the ESMA consultation agreed with ESMA to remove the NCA suspension notice. Arguments in favour of ESMA’s proposal are that that ESMA already publishes the equity instruments that are suspended under the double volume cap mechanism on a monthly basis (i.e. prevent duplicated responsibilities/ensure consistent timing across Member States). Some respondents (in particular RMs) disagree with the ESMA proposal. The argument here is the probability of overlooking the issuance of suspension without a formal NCA communication. ESMA favours the majority view. ESMA proposes to remove the NCA suspension notice and to suspend dark trading in case of a breach on the basis of ESMA’s publication.1

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