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Preparations for MiFID II registers and transparency calculations in place

Ahead of the approaching deadline for MiFID II (Markets in Financial Instruments Directive) on 3 January 2018, the European Securities and Market Authority (ESMA) has announced it will provide updated information on existing registers under MiFID I and also provide for new registers under MiFID II/MiFIR. It is ESMA's responsibility to compile the registers based on data provided by the national competent authorities of member states in the European Economic Area (EEA). The authority said it is currently working on a new release of those registers for the first quarter of 2018. ESMA stated: “Until the new register release is fully available as an IT functionality on our website, ESMA will provide an interim solution which involves publishing, on a fortnightly basis, the latest registers information in an Excel format which will be available for download.

The list of affected registers is as follows:

  • Regulated markets
  • Multilateral Trading Facilities
  • NEW Organized trading facilities
  • Systematic Internalizers
  • NEW Approved Publication Arrangements
  • NEW Consolidated Tape Providers
  • NEW Approved Reporting Mechanisms
  • Suspension and Restorations (SARIS)*
  • Central counterparties will become obsolete and removed from publication
  • Shares admitted to trading on EU regulated markets will be replaced by FIRDS publication: Transparency 3 January 2018

MiFID transparency calculations

ESMA also announced last week the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments, which means that TTC for all asset classes, applicable from 3 January 2018, are now available to market participants, infrastructures and authorities as required under the new regulatory framework.

National competent authorities delegated the execution of the TTC to ESMA. The authority's Chair, Steven Maijoor, commented: “Today’s publication of the Transitional Transparency Calculations for bonds and equity completes the provision of data needed, by financial market participants and their supervisors, for the implementation of one of the key elements of the MiFID/MiFIR reforms, more transparent securities markets. The provision of this data is part of the ambitious programme to provide complete and timely information to facilitate compliance with the requirements of MiFID II/MiFIR and MAR by market participants, and supervisors. All market participants in the European Union, and NCAs, now have the final information needed to ensure a smooth transition to meeting their responsibilities under the new regime.”

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Financing Short-Medium Term Deficits

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