ESMA To Centralize Reporting Data
Regulator Launches Two Major Projects for MiFID and EMIR
The European Securities and Markets Authority (ESMA) has launched two major projects to centralize trade reporting under the Markets in Financial Instruments Directive/Regulation (MiFID/R) and the European Market Infrastructure Regulation (EMIR).
The projects were delegated to ESMA by National Competent Authorities (NCAs). The first—the Instrument Reference Data Project—is to provide a central facility for instrument and trading data and the calculation of the MiFIR transparency and liquidity thresholds.
The second—the Trade Repositories Project—is intended to provide a single access point to trade repositories data under EMIR.
In agreeing that ESMA will develop these centralized solutions, NCAs have delegated some tasks related to data collection requirements under MiFID/R and the Market Abuse Directive (MAR) to ESMA, as well as the creation of a central access point for regulators to data of the EU's six trade repositories.
Both projects are intended to allow ESMA to collect data directly from market infrastructures (trading venues or trade repositories) in a more efficient and harmonized manner and make them available to NCAs and to the public through a centralized system.
The Instrument Reference Data Project will collect data directly from about 300 trading venues across the EU, which will send their MiFID/MAR data to ESMA, which will then perform and publish the necessary transparency and liquidity threshold calculations.
Once finalized, the database will allow NCAs, and financial market participants, access to all data for financial instruments admitted to trading on EU regulated markets or traded on MiFID venues.
The Trade Repositories Project will provide ESMA and 27 NCAs with immediate access, through a single platform, to the 300 million weekly reports on derivatives contracts received from 5,000 different counterparties across the EU trade repositories.
The Instrument Reference Data Project is expected to go live in early 2017, and the Trade Repositories Project will go live in 2016.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
BlackRock, BNY see T+1 success in industry collaboration, old frameworks
Industry testing and lessons from the last settlement change from T+3 to T+2 were some of the components that made the May transition run smoothly.
How ‘Bond gadgets’ make tackling data easier for regulators and traders
The IMD Wrap: Everyone loves the hype around AI, especially financial firms. And now, even regulators are getting in on the act. But first... “The name’s Bond; J-AI-mes Bond”
Can the EU and UK reach T+1 together?
Prompted by the North American migration, both jurisdictions are drawing up guidelines for reaching next-day settlement.
Waters Wavelength Ep. 293: Reference Data Drama
Tony and Reb discuss the Financial Data Transparency Act's proposed rules around identifiers and the industry reaction.
Clearing houses fear being classified as DORA third parties
As the 2025 deadline looms, CCP and exchange members are seeking risk information that’s usually deemed confidential.
Industry not sold on FIGI mandate for US reg reporting
Banks’ and asset managers’ tortured relationship with Cusip numbers remains tortured, as they tell regulators to keep the taxonomy in play.
T+1 shift sees out-of-hours human resourcing costs spike by as much as 20%
New research finds that trading firms are experiencing increased labor costs—which could be a boon for outsourced trading.
CBOE and Aquis to make bid for European equities tape
The challenger exchanges have plans to become the second public bidder for provider of the European equities tape, following EuroCTP’s incorporation last year.