Trade Repository

ESMA updates its opinion on ancillary activity calculations

Retrieved on: 
Saturday, July 11, 2020
Financial regulation, Systemic risk, Economy, Finance, Financial markets, Corporate law, European Market Infrastructure Regulation, Markets in Financial Instruments Directive, European Securities and Markets Authority, Esma, Emissions trading, Trade Repository

10 July 2020

Key Points: 
  • 10 July 2020

    MiFID - Secondary Markets

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, published today an updated Opinion on ancillary activity calculations.

  • The opinion provides the estimation of the market size of commodity derivatives and emission allowances for 2019.
  • ESMA has prepared these estimations based on data reported to the ESMA FITRS system as well as data reported to trade repositories under EMIR.
  • In issuing this opinion, ESMA considers that the guidance on market size will contribute positively to the consistency of supervisory practices and will ensure a uniform approach throughout the Union.

ESMA extends deadline for responses to consultation on EMIR REFIT

Retrieved on: 
Tuesday, June 9, 2020
Financial regulation, Financial markets, Systemic risk, Corporate law, European Market Infrastructure Regulation, Economy, Business law, European Securities and Markets Authority, Trade Repository

09 June 2020

Key Points: 
  • 09 June 2020

    Post Trading

    Supervisory convergence

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to extend the response date for the consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT to 3 July 2020.

  • The decision has been taken in recognition of market participants current focus on crisis work and their operational constraints, as well as taking into account the high number and the technical complexity of issues on which feedback is requested.
  • The end of the consultation period is extended from 19 June to 3 July 2020.

ESMA extends deadline for responses to consultation on EMIR REFIT

Retrieved on: 
Tuesday, June 9, 2020
Financial regulation, Financial markets, Systemic risk, Corporate law, European Market Infrastructure Regulation, Economy, Business law, European Securities and Markets Authority, Trade Repository

09 June 2020

Key Points: 
  • 09 June 2020

    Post Trading

    Supervisory convergence

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to extend the response date for the consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT to 3 July 2020.

  • The decision has been taken in recognition of market participants current focus on crisis work and their operational constraints, as well as taking into account the high number and the technical complexity of issues on which feedback is requested.
  • The end of the consultation period is extended from 19 June to 3 July 2020.

ESMA publishes updates to EMIR Q&As

Retrieved on: 
Friday, May 29, 2020
Financial regulation, Corporate law, Systemic risk, Economy, European Market Infrastructure Regulation, Financial markets, Business law, Trade Repository, ACT, Derivative

The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

Key Points: 
  • The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.
  • The purpose of this Q&A is to promote common supervisory approaches and practices in the application of EMIR.
  • This document aims to ensure that the supervisory activities of the competent authorities under the Regulation are converging along the lines of the responses adopted by ESMA.
  • ESMA will periodically review these Q&A and update them where required.

ESMA publishes updates to EMIR Q&As

Retrieved on: 
Friday, May 29, 2020
Financial regulation, Corporate law, Systemic risk, Economy, European Market Infrastructure Regulation, Financial markets, Business law, Trade Repository, ACT, Derivative

The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

Key Points: 
  • The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.
  • The purpose of this Q&A is to promote common supervisory approaches and practices in the application of EMIR.
  • This document aims to ensure that the supervisory activities of the competent authorities under the Regulation are converging along the lines of the responses adopted by ESMA.
  • ESMA will periodically review these Q&A and update them where required.

EMIR: ESMA advises Commission on C6 energy derivatives

Retrieved on: 
Tuesday, March 3, 2020
Financial regulation, Financial markets, Systemic risk, Corporate law, Business law, Economy, European Market Infrastructure Regulation, Derivative, European Securities and Markets Authority, Energy derivative, Trade Repository

02 March 2020

Key Points: 
  • 02 March 2020

    Post Trading

    The European Securities and Markets Authority (ESMA) has issued today a report on C6 energy derivatives and related obligations under the European Market Infrastructure Regulation (EMIR).

  • These derivatives are important for firms trading energy derivative contracts on coal and oil as well as for national regulator supervisors who enforce EMIR requirements.
  • The report assesses the adequacy of C6 energy derivative contracts, which currently benefit from a special regime.
  • ESMA has developed this report to provide input to the European Commissions regarding the assessment of the current special regime for C6 energy derivative contracts and whether this regime should be maintained.

ESMA PUBLISHES THE FINAL REPORT ON MIFIR ALIGNMENTS FOLLOWING THE INTRODUCTION OF EMIR REFIT

Retrieved on: 
Friday, February 7, 2020
Systemic risk, Financial regulation, Economy, Corporate law, European Market Infrastructure Regulation, Financial markets, Law, European Union directives, Markets in Financial Instruments Directive, Derivative, Trade Repository

07 February 2020

Key Points: 
  • 07 February 2020

    Post Trading

    The European Securities and Markets Authority (ESMA) has today published a final report suggesting amendments to the trading obligation under MiFIR following the introduction of EMIR Refit.

  • The recent changes introduced to EMIR via Refit modify the scope of counterparties subject to the clearing obligation exemption for small financial counterparties and modified determination of non-financial counterparties.
  • The introduction of EMIR Refit has not been accompanied by direct amendments to MiFIR, which currently leads to a misalignment between the scope of counterparties subject to the clearing obligation (CO) under EMIR and the derivatives trading obligation (DTO) under MiFIR.
  • In light of the close interconnections between those two obligations, EMIR Refit mandates ESMA to assess whether the DTO under MiFIR should be aligned with changes to the CO introduced by EMIR Refit, and to submit its findings in a report to the Commission.

ESMA publishes 2nd Annual Report on EMIR penalties and supervisory measures

Retrieved on: 
Monday, December 9, 2019
Financial regulation, Financial markets, Government, Corporate law, European Union, European Market Infrastructure Regulation, Systemic risk, Trade Repository, European Securities and Markets Authority, Regulatory agency

09 December 2019

Key Points: 
  • 09 December 2019

    Post Trading

    Press Releases

    Supervisory convergence

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has published its secondannual reportregarding supervisory measures carried out and penalties imposed by national competent authorities (NCAs) under the European Market Infrastructure Regulation (EMIR).

  • The Report, covering the period from January to December 2018, focuses on NCAs supervisory measures and enforcement actions, their powers and the interaction between NCAs and market participants, when monitoring compliance with the following EMIR requirements:

    Increased harmonisation

    The Report found that some supervisory areas are highly harmonised, such as NCAs sources of information used to check compliance with EMIR requirements, including trade repository data, their competences, and NCAs supervisory and enforcement tools.

  • It found that supervisory practices have evolved in relation to compliance with EMIR requirements shifting from an initial focus on raising awareness to greater efforts towards making better use of the information available for supervisory purposes.
  • ESMA expects this report to be a useful tool to understand the supervisory and enforcement efforts of NCAs.

ESMA values EU derivatives markets at €735tn

Retrieved on: 
Monday, December 9, 2019
Economy, Finance, Financial markets, Systemic risk, Corporate law, European Market Infrastructure Regulation, Financial regulation, Derivative, Central counterparty clearing, European Securities and Markets Authority, Trade Repository, LCH

The European Securities and Markets Authority (ESMA) the EUs securities regulator, today publishes its second Annual Statistical Report (Report) analysing the European Unions (EU) derivatives markets.

Key Points: 
  • The European Securities and Markets Authority (ESMA) the EUs securities regulator, today publishes its second Annual Statistical Report (Report) analysing the European Unions (EU) derivatives markets.
  • The Report, based on data submitted under the European Markets and Infrastructure Regulation (EMIR), provides a comprehensive market-level view of the EUs derivatives markets in 2018, which had a total size of 735tn gross notional amount outstanding, an increase of 11% on 2017.
  • The growth in this market is driven by an increase in interest rate derivatives and equities, which make up respectively 76% and 6% of the total.
  • Following an increase in 2017, the rate of central clearing is stabilising with 63% in Q4 (61% in Q1) for interest rate derivatives, and 25% for credit derivatives.

ESMA publishes validation rules and XML schemas for SFTR reporting

Retrieved on: 
Friday, November 1, 2019
Financial markets, Finance, Security, Stock market, Trade Repository, Securities lending, European Securities and Markets Authority, Repurchase agreement

31 October 2019

Key Points: 
  • 31 October 2019

    Securities Financing Transactions

    The European Securities and Markets Authority (ESMA) has published today further technical details for the reporting of Securities Financing Transactions (SFTs) as required under the SFT Regulation (SFTR).

  • Todays publication includes the validations rules applicable to SFTR reports as well as the XML schemas reporting entities should use, including:

    Under the SFTR, both parties to an SFT need to report new, modified or terminated SFTs to a registered or recognised trade repository (TR), including the composition of the collateral.