ESMA, upon request of market participants, has been computing, on a voluntary and best effort basis, the total volume and number of transactions executed in the EU in order to help market participants meet their obligations since that data is not otherwise easily available.
Systematic Internaliser Regime
The non-publication of the data means the mandatory SI regime will not apply from 15 August to 14 November 2022, and investment firms will not need to perform the SI-test for non-equity instruments other than bonds. However, investment firms can continue to opt into the SI-regime in the interim period.
The SI-calculations for non-equity instruments other than bonds will resume on 1 November 2022, based on an observation period from 1 April 2022 to 30 September 2022. Investment firms will then be required to perform the SI determination by 15 November 2022.
The publication of the SI-data for equity, equity-like instruments and bonds will not be affected, and will be made available by 1 August, as planned. Therefore, investment firms are required to perform the SI test for those asset classes and comply with the related obligations by 15 August 2022.
The CTP calculations will resume at the next regular publication date on 1 February 2023 based on an observation period from 1 July 2022 to 31 December 2022.
ESMA reminds reporting entities of their obligations to continue reporting transparency data also in the absence of the August publication for non-equity instruments other than bonds, in order to ensure that the transparency data covers trading activity necessary for subsequent transparency calculations.
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