BETA
Home MEPs Dossiers Committees Subjects Blog About Dumps

Activities of Nicola BEER related to 2021/0385(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders
2023/03/02
Committee: ECON
Dossiers: 2021/0385(COD)
Documents: PDF(335 KB) DOC(108 KB)
Authors: [{'name': 'Danuta Maria HÜBNER', 'mepid': 96779}]

Amendments (57)

Amendment 102 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, and optimising the trading obligations and prohibiting receiving payments for forwarding client orders (Text with EEA relevance)
2022/10/20
Committee: ECON
Amendment 110 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 6
(6) Article 4 of Regulation (EU) No 600/2014 allows competent authorities to waive the pre-trade transparency requirements for market operators and investment firms operating a trading venue who determine their prices by reference to the midpoint price of the primary market or the most relevant market in terms of liquidity. As there is no justification for excluding the smallest orders from a transparent order book and in order to increase pre-trade transparency and thereby reinforce the price formation process, that waiver should be applicable to orders with a size greater than or equal toof a minimum at twice the standard market size. Further clarifications should be provided by ESMA. Where the consolidated tape for shares and exchange- traded funds (ETFs) will provide bid and offer prices from which a midpoint can be derived, the reference price waiver should also be available for systems deriving the midpoint price from the consolidated tape.
2022/10/20
Committee: ECON
Amendment 115 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 7
(7) Dark trading is trading without pre- trade transparency, using the reference price waiver laid down in Article 4(1), point (a) of Regulation (EU) No 600/2014 and the negotiated trade waiver laid down in Article 4(a) point (a), point (i) of that Regulation. The use of both waivers is capped by the double volume cap (‘DVC’). The DVC is a mechanism that limits the level of dark trading to a certain proportion of total trading in an equity instrument. The amount of dark trading in an equity instrument on an individual venue may not exceed 4% of total trading in that instrument in the Union. When this threshold is breached, dark trading in that instrument on that venue is suspended. Secondly the amount of dark trading in an equity instrument in the Union may not exceed 8% of total trading in that instrument in the Union. When this threshold is breached all dark trading in that instrument is suspended. The venue specific threshold leaves room for continued use of those waivers on other platforms on which trading in that equity instrument is not yet suspended, until the Union wide threshold is breached. This causes complexity in terms of monitoring the levels of dark trading and of enforcing the suspension. To simplify the double volume cap while keeping its effectiveness, the new single volume cap should rely solely on the EU-wide threshold. That threshold should be lowered to 7 % to compensate for a potential increase of trading under those waivers as a consequence of abolishing the venue specific threshold. ESMA should be empowered to determine the DVC based on market conditions, the price formation process and liquidity available in the market.
2022/10/20
Committee: ECON
Amendment 119 #
Nicola BEER, Engin EROGLU
Proposal for a regulation
Recital 9
(9) To ensure an adequate level of transparency, the price and the volume of a non-equity transaction should be published as close to real time as possible and only be delayed until maximally the end -of the- second-day trading day. However, in order not to expose liquidity providers in non-equity instruments to undue risk, it should be possible to mask volumes of transactions for a short period of time, which should not be longer than twofour weeks. The exact calibration of the various buckets corresponding to different time deferrals should be left to ESMA due to the technical expertise required to specify the calibration as well as due to the need to allow for the flexibility to amend the calibration. Those deferrals should be based on the liquidity of the non-equity instrument, the size of the transaction and, for bonds, the credit rating and it should no longer include the size specific to the instrument concerned.
2022/10/20
Committee: ECON
Amendment 127 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Gilles BOYER
Proposal for a regulation
Recital 11
(11) In order to reinforce the price formation process and to maintain a level playing field between trading venues and systematic internalisers, Article 14 of Regulation (EU) No 600/2014 requires systematic internalisers to make public all quotes in equity instruments placed by that systematic internaliser below the standard market size. Systematic internalisers are free to decide which sizes they quote, as long as they quote at a minimum size of 10% of the standard market size. That possibility, however, has led to very low levels of pre-trade transparency provided by systematic internalisers in equity instruments, and has hampered the achievement of a level playing field. It is therefore necessary to require systematic internalisers to publish firm quotes relating to a minimum of twice the standard market size. ESMA should be empowered to determine the threshold in accordance with Article 4(6) point f.
2022/10/20
Committee: ECON
Amendment 132 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 12
(12) In order to create a level playing field, in addition to the obligation to publish firm quotes relating to a minimum of twice the standard market size, systematic internalisers should also no longernot be allowed to match at midpoint below twice the standard market size. It should furthermore be clarified that systematic internalisers should be allowed to match at midpoint in so far as they comply with the tick-size rules in accordance with Article 49 of Directive 2014/65/EU when they trade above twice the standard market size but below the large in-scale threshold. When systematic internalisers trade above a large in-scale threshold, they should continue to be allowed to match at midpoint without complying with the tick- size regime. In order to clarify, ESMA should be empowered to determine the size appropriate for the market conditions.
2022/10/20
Committee: ECON
Amendment 135 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Caroline NAGTEGAAL
Proposal for a regulation
Recital 13
(13) Market participants need core market data to be able to make informed investment decisions. Pursuant to the current Article 27h of Regulation (EU) 600/2014, sourcing core market data about certain financial instruments directly from trading venues and APAs requires that consolidated tape providers enter into separate licensing agreements with all those data contributors. That process is burdensome, costly and time consuming. It has been one of the obstacles to consolidated tape providers emerging on a cross market basis. This obstacle should be removed in order to enable consolidated tape providers to obtain the market data and to overcome licencing issues. Trading venues and APAs, or investment firms and systematic internalisers without intervention of APAs (‘market data contributors’) should be required to submit their market data to consolidated tape providers, and to use harmonised templates respecting high–quality data standards to do so. Only CTPs selected and authorised by ESMA should be able to collect harmonised market data from the individual data sources in accordance with the mandatory contribution rule. To make the market data useful for investors, market data contributors should be required to provide the CTP with market data as close as technically possible to real time.no later than one minute after the transaction
2022/10/20
Committee: ECON
Amendment 138 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Recital 14
(14) Title II and III of Regulation (EU) 600/2014 require trading venues, APAs, investment firms and systematic internalisers (‘market data contributors’) to publish pre-trade data on financial instruments, including bid and offer prices and post-trade data on transactions, including the price and volume at which a transaction in a specific instrument has been concluded. Market participants are not obliged to use the consolidated core market data provided by the CTP. The requirement to publish those pre-trade and post-trade data should therefore remain applicable to enable market participants to access market data. However, to avoid undue burden on market data contributors, it is appropriate to align the requirement for market data contributors to publish data as much as possible with the requirement to contribute data to the CTP, which will require only post-trade data.
2022/10/20
Committee: ECON
Amendment 145 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Recital 20
(20) Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select a single entity which is able to provide the consolidated tape for each specified asset class. Taking into account the novelty of the proposed scheme, ESMA should only mandate the provision of post-trade transparency data for the first selection procedure that it runs in relation to shares. At least 18 months before the launch of the second selection procedure, ESMA should submit a report to the Commission assessing whether there is market demand for extending the data contributed to the tape to pre-trade data. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the depth of pre-trade data to the tapebonds, taking into account the set- up costs. ESMA should prioritise the selection and authorisation of a consolidated tape provider for bonds.
2022/10/20
Committee: ECON
Amendment 156 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a regulation
Recital 21
(21) According to data presented in the impact assessment accompanying the proposal for this Regulation, the expected revenue generation for the consolidated tape will vary depending on the precise features of the tape. The expected revenue of the CTP should significantly exceed the cost of its production, and therefore help to build a solid revenue participation scheme whereby the CTP and the market data contributors share aligned commercial interests. This principle should not prevent CTPs from making a necessary margin to maintain a viable business model and from using the core market data to offer further analytics or other services aimed to increase the revenue pool.
2022/10/20
Committee: ECON
Amendment 161 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 22
(22) There is an objective difference between a venue of primary admission and other trading venues that serve as secondary trading markets. A venue of primary admission admits companies to the public markets, playing a crucial role in the life of a share and for the share’s liquidity. This is particularly true in the case of shares listed on smaller regulated markets which remain typically traded mostly on the venue of primary admission. When the pre-trade transparent trading of a certain share takes place exclusively or predominantly on the venue of primary admission, such smaller venue plays a more important role in the price formation for that share. The core market data a smaller regulated market contributes to the consolidated tape therefore plays a more determining role in the price formation for the shares this venue admits to trading. A preferential treatment in the revenue participation scheme is therefore considered appropriate to allow these smOn that note, the CT can offer more visibility to the smaller exchanges. Therefore, it is important for aller exchanges to maintain their local admissions and safeguard a rich and vibrant ecosystemcontribute to the tape, which is, moreover, fully in line with the objectivesidea of the Capitinternal Mmarkets Union.
2022/10/20
Committee: ECON
Amendment 163 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 23
(23) Small regulated markets are regulated markets which admit shares of issuers for which trading in the secondary market tends to be less liquid than the trading of shares admitted to trading on larger regulated markets. In order to avoid that lower trading volumes (or nominal values) penalise smaller exchanges in the revenue participation scheme designed for the consolidated tape for shares, data from trades in these less liquid shares should attract a higher remuneration than their notional trading value would indicate. Whether a shareThe desired outcome would be to provide end investors with a truly consolidated overview of the trading opportunities available in the Union and to increase the overall domestic and international attractiveness of the Union capital markets, isn less liquid should be determinedine with the objectives onf the basis of the proportion of pre-trade transparent liquidity displayed by the regulated market that admits the less liquid share, Capital Markets Union, and to include small regulated markets in the picture crelative to the average daily trading turnover in that shared by the consolidated tape.
2022/10/20
Committee: ECON
Amendment 168 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a regulation
Recital 24
(24) Given the novelty of the consolidated tape in the context of the EU financial markets, ESMA should be entrusted with providing the European Commission with an assessment of the revenue participation scheme designed for regulated markets in the context of the consolidated tape for shares. This report should be prepared on the basis of at least 12 months of operation of the CTP and subsequently at the request of the Commission, where deemed necessary or appropriate. The assessment should focus in particular on whether the participation of small regulated markets in the revenue of the CTP is fair and effective in safeguarding the role that these markets play in their local financial ecosystem. The Commission should be empowered to revise the mechanism of allocation by way of a delegated act, where necessary or appropriate.
2022/10/20
Committee: ECON
Amendment 172 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Recital 32
(32) Financial intermediaries should strive to achieve the best possible price and the highest possible likelihood of execution for trades that they execute on behalf of their clients. To that end,ensure that the best execution requirement described in Article 27 of Directive 2014/65/EU can be met financial intermediaries should select the trading venue or counterparty for executing their client trades solely on the basis of achieving best execution for their clients. It should be incompatible with that principle of best execution that a financial intermediary receives a payment from a trading counterpart in exchange for ensuring the execution of client trades. Investment firms should be therefore be prohibited from receiving such payment.
2022/10/20
Committee: ECON
Amendment 181 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point c
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 35
(35) ‘consolidated tape provider’ or ‘CTP’ means a person authorised in accordance with Title IVa, Chapter 1 of this Regulation to provide the service of collecting market data for shares, ETFs, bonds or derivatives, from market data contributors, and of consolidating those data into a continuous electronic live data stream providing core market data per share, ETF, bond or derivatives and of providing them to user of market data;;
2022/10/20
Committee: ECON
Amendment 183 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a
(a) all of the following data on equities:deleted
2022/10/20
Committee: ECON
Amendment 184 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
(i) the best bids and offers with corresponding volumes;deleted
2022/10/20
Committee: ECON
Amendment 192 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (ii)
(ii) the transaction price and volume executed at the stated price;deleted
2022/10/20
Committee: ECON
Amendment 196 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (iii)
(iii) the intra-day auction information;deleted
2022/10/20
Committee: ECON
Amendment 199 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
(iv) the end-of-day auction information;deleted
2022/10/20
Committee: ECON
Amendment 202 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (v)
(v) the market identifier code identifying the execution venue;deleted
2022/10/20
Committee: ECON
Amendment 204 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vi)
(vi) the standardised instrument identifier that applies across venues;deleted
2022/10/20
Committee: ECON
Amendment 206 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii)
(vii) the timestamp information on all of the following:deleted
2022/10/20
Committee: ECON
Amendment 208 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
— the time of execution of the trade;deleted
2022/10/20
Committee: ECON
Amendment 211 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 2
— the time of publication of the trade;deleted
2022/10/20
Committee: ECON
Amendment 214 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 3
— the receipt of market data from the market data contributors;deleted
2022/10/20
Committee: ECON
Amendment 217 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 4
— the receipt of market data by the consolidated tape provider;deleted
2022/10/20
Committee: ECON
Amendment 219 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 5
— the dissemination of consolidated market data to subscribers;deleted
2022/10/20
Committee: ECON
Amendment 222 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a– point viii
(viii) the trading protocols and the applicable waivers or deferrals;deleted
2022/10/20
Committee: ECON
Amendment 226 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point b – introductory part
(b) all of the following data on nbon- equitieds:
2022/10/20
Committee: ECON
Amendment 231 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 3 – point a
Regulation (EU) No 600/2014
Article 4 – paragraph 1– point a
(a) paragraph 1 is amended as follows: (i) point (a) is replaced by the following: ‘ (a) larger than twice the standard market size and that are based on a trading methodology by which the price of the financial instruments referred to in Article 3(1) is derived from either of the following: (i) instruments at the trading venues where those financial instruments were first admitted to trading; (ii) the price of those financial instruments at the most relevant market in terms of liquidity where that price is widely published and is regarded by market participants as a reliable reference price; (iii) the consolidated tape for shares or ETFs.; ’ (ii) added: ‘ For the purposes of point (a), the continued use of that waiver shall be subject to the conditions set out in Article 5.; ’deleted systems matching orders that are the price of those financial the following subparagraph is
2022/10/20
Committee: ECON
Amendment 232 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 3 – point b
Regulation (EU) No 600/2014
Article 4 – paragraph 2 – subparagraph 1 – point a – point iii
(iii) the consolidated tape for shares or ETFs;deleted
2022/10/20
Committee: ECON
Amendment 234 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Caroline NAGTEGAAL, Gilles BOYER
Proposal for a regulation
Article 1 – paragraph 3 – point b a (new)
Regulation (EU) No 600/2014
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
(b a) in paragraph 6, the following point is added: "(b a) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1(a), which shall not be lower than twice the standard market size."
2022/10/20
Committee: ECON
Amendment 239 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 4 – point b
Regulation (EU) No 600/2014
Article 5 – paragraph 1
1. Trading venues shall suspend their use of the waivers referred to in Article 4(1), point (a), and 4(1), point (b)(i) where the percentage of volume traded in the Union in a financial instrument carried out under those waivers exceeds 7% of the total volume traded in that financial instrument in the Union as determined by ESMA according to Article 5 (9) of this regulation. Trading venues shall base their decision to suspend the use of those waivers on the data published by ESMA in accordance with paragraph 4, and shall take such decision within two working days after this publication of those data and for a period of six months.;
2022/10/20
Committee: ECON
Amendment 256 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a regulation
Article 1 – paragraph 6
Regulation (EU) No 600/2014
Article 11
(6) Article 11 is amended as follows: (a) paragraph 1 is amended as follows: (i) by the following: ‘ Based on the deferral regime as set out in paragraph 4, competent authorities shall authorise market operators and investment firms operating a trading venue to defer the publication of the price of transactions until the end of the trading day, or the volume of transactions for a maximum of two weeks.; ’ (ii) (c) is deleted; (b) paragraph 3 is replaced by the following: ‘ 3. Competent authorities may, when authorising a deferred publication as referred to in paragraph 1 with regard to transactions in sovereign debt, allow market operators and investment firms operating a trading venue: (a) to allow the omission of the publication of the volume of an individual transaction during an extended time period of deferral; or (b) to publish in an aggregated form several transactions in sovereign debt for an indefinite period of time. ’ (c) paragraph 4 is amended as follows: (i) as follows: point (c) is replaced by the following: ‘ (c) the transactions eligible for price or volume deferral, and the transactions for which competent authorities shall authorise market operators and investment firms operating a trading venue to provide for deferred publication of the volume or price for one of the following durations: (i) (ii) (iii) ’ (ii) inserted after the first subparagraph: ‘ For the purposes of the first subparagraph, point (c), ESMA shall specify the buckets for which the deferral period shall apply across the Union by using the following criteria: (a) (b) particular transactions in illiquid markets or transactions that are large in scale; (c) bond as investment grade or high yield.; ’deleted the first subparagraph is replaced in the second subparagraph, point the first subparagraph is amended 15 minutes; end of trading day; two weeks.; the following subparagraph is the liquidity determination; the size of the transaction, in for bonds, the classification of the
2022/10/20
Committee: ECON
Amendment 267 #
Nicola BEER, Engin EROGLU
Proposal for a regulation
Article 1 – paragraph 6 a (new)
Regulation (EU) No 600/2014
Article 11
Article 11 Authorisation of deferred publication Competent authorities shall be able to authorise market operators and investment firms operating a trading venue to provide for deferred publication of the details of transactions based on the size or type of the transaction. In particular, the competent authorities may authorise the deferred publication in respect of transactions that: (a) are large in scale compared with the normal market size for that bond, structured finance product, emission allowance or derivative traded on a trading venue, or for that class of bond, structured finance product, emission allowance or derivative traded on a trading venue; or (b) are related to a bond, structured finance product, emission allowance or derivative traded on a trading venue, or a class of bond, structured finance product, emission allowance or derivative traded on a trading venue for which there is not a liquid market; (c) are above a size specific to that bond, structured finance product, emission allowance or derivative traded on a trading venue, or that class of bond, structured finance product, emission allowance or derivative traded on a trading venue, which would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors. Market operators and investment firms operating a trading venue shall obtain the competent authority’s prior approval of proposed arrangements for deferred trade- publication, and shall clearly disclose those arrangements to market participants and the public. ESMA shall monitor the application of those arrangements for deferred trade-publication and shall submit an annual report to the Commission on how they are used in practice. 2. The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below the threshold determined in accordance with the methodology as referred to in Article 9(5)(a), temporarily suspend the obligations referred to in Article 10. That threshold shall be defined based on objective criteria specific to the market for the financial instrument concerned. Such temporary suspension shall be published on the website of the relevant competent authority. The temporary suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension continue to be applicable. Where the temporary suspension is not renewed after that three- month period, it shall automatically lapse. Before suspending or renewing the temporary suspension of the obligations referred to in Article 10, the relevant competent authority shall notify ESMA of its intention and provide an explanation. ESMA shall issue an opinion to the competent authority as soon as practicable on whether in its view the suspension or the renewal of the temporary suspension is justified in accordance with the first and second subparagraphs. 3. Competent authorities may, in conjunction with an authorisation of deferred publication: (a) request the publication of limited details of a transaction or details of several transactions in an aggregated form, or a combination thereof, during the time period of deferral; (b) allow the omission of the publication of the volume of an individual transaction during an extended time period of deferral; (c) regarding non-equity instruments that are not sovereign debt, allow the publication of several transactions in an aggregated form during an extended time period of deferral; (d) regarding sovereign debt instruments, allow the publication of several transactions in an aggregated form for an indefinite period of time. In relation to sovereign debt instruments, points (b) and (d) may be used either separately or consecutively whereby once the volume omission extended period lapses, the volumes could then be published in aggregated form. In relation to all other financial instruments, when the deferral time period lapses, the outstanding details of the transaction and all the details of the transactions on an individual basis shall be published. 4. ESMA shall develop draft regulatory technical standards to specify the following in such a way as to enable the publication of information required under Article 64 of Directive 2014/65/EU: (a) the details of transactions that investment firms, including systematic internalisers, and market operators and investment firms operating a trading venue shall make available to the public for each class of financial instrument concerned in accordance with Article 10(1), including identifiers for the different types of transactions published under Article 10(1) and Article 21(1), distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors; (b) the time limit that would be deemed in compliance with the obligation to publish as close to real time as possible including when trades are executed outside ordinary trading hours; (c) the conditions for authorising investment firms, including systematic internalisers, and market operators and investment firms operating a trading venue, to provide for deferred publication of the details of transactions for each class of financial instrument concerned in accordance with paragraph 1 of this Article and with Article 21(4); (d) the criteria to be applied when determining the size or type of a transaction for which deferred publication and publication of limited details of a transaction, or publication of details of several transactions in an aggregated form, or omission of the publication of the volume of a transaction with particular reference to allowing an extended length of time of deferral for certain financial instruments depending on their liquidity, is allowed under paragraph 3. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20220101)(6 a) Article 11 is replaced by the following: "Article 11 Authorisation of deferred publication 1. Market operators and investment firms operating a trading venue may defer the publication of the details of transactions, including the price and the volume, for a maximum duration not exceeding four weeks. Market operators and investment firms operating a trading venue shall clearly disclose proposed arrangements for deferred trade-publication to market participants and the public. ESMA should monitor the application of those arrangements for deferred trade-publication and shall submit an annual report to the Commission on how they are used in practice. The arrangements for deferred trade publication shall be organised using the following five categories of transactions related to a bond, structured finance product, emission allowance or derivative traded on a trading venue, or a class of bond, structured finance product, emission allowance or derivative traded on a trading venue: (a) category 1: transactions of a medium size in a financial instrument for which there is a liquid market; (b) category 2: transactions of a medium size in a financial instrument for which there is not a liquid market; (c) category 3: transactions of a large size in a financial instrument for which there is a liquid market; (d) category 4: transactions of a large size in a financial instrument for which there is not a liquid market; (e) category 5: transactions of a very large size, irrespective of the liquidity status of the financial instrument. 2. The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below the threshold determined in accordance with the methodology as referred to in Article 9(5)(a), temporarily suspend the obligations referred to in Article 10. That threshold shall be defined based on objective criteria specific to the market for the financial instrument concerned. Such temporary suspension shall be published on the website of the relevant competent authority. The temporary suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension continue to be applicable. Where the temporary suspension is not renewed after that three- month period, it shall automatically lapse. Before suspending or renewing the temporary suspension of the obligations referred to in Article 10, the relevant competent authority shall notify ESMA of its intention and provide an explanation. ESMA should issue an opinion to the competent authority as soon as practicable on whether in its view the suspension or the renewal of the temporary suspension is justified in accordance with the first and second subparagraphs. 3. With respect to sovereign debt instruments, competent authorities of a sovereign debt instrument may allow, with regard to transactions in that sovereign debt instrument in the Union: (a) the omission of the publication of the volume of an individual transaction during an extended time period of deferral; (b) the publication of the details of several transactions in an aggregated form for an indefinite period of time. 4. ESMA should develop draft regulatory technical standards to specify the following in such a way as to enable the publication of information required under this Article as well as under Article27g: (a) the details of transactions that investment firms, including systematic internalisers, and market operators and investment firms operating a trading venue shall make available to the public for each class of financial instrument concerned in accordance with Article 10(1), including identifiers for the different types of transactions published under Article 10(1) and Article 21(1), distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors; (b) the time limit that would be deemed in compliance with the obligation to publish as close to real time as possible including when trades are executed outside ordinary trading hours; (c) for the purposes of determining the categories referred to in the third subparagraph of paragraph 1, what constitutes a transaction of a medium and large size in the financial instrument referred to in paragraph 1of this Article and Article 21(1); (ca) for the purposes of determining the categories referred to in the third subparagraph of paragraph 1, the issuance sizes that qualify a financial instrument as belonging to a liquid or an illiquid market; (cb) the price and volume deferrals applicable to each of the five categories set out in the third subparagraph of paragraph 1 of this Article for transactions in instruments referred to in paragraph 1 of this Article and Article21(1). For establishing the price and volume deferrals in paragraph 4(cb), ESMA shall apply the following maximum durations: (i) for transactions in category 1: a price deferral and a volume deferral not exceeding 15 minutes; (ii) for transactions in category 2: a price deferral and a volume deferral not exceeding the end of the trading day; (iii) for transactions in the category 3: a price deferral and a volume deferral not exceeding one week. (iv) for transactions in category 4: a price deferral and a volume deferral not exceeding two weeks following the transaction date; (v) for transactions in category 5: a price deferral and a volume deferral not exceeding four weeks following the transaction date. (d) the criteria to be applied when determining the size or type of a transaction for which deferred publication and publication of limited details of a transaction, or publication of details of several transactions in an aggregated form, or omission of the publication of the volume of a transaction with particular reference to allowing an extended length of time of deferral for certain financial instruments depending on their liquidity, is allowed under paragraph 3. ESMA should submit those draft regulatory technical standards to the Commission by... [six months after the date of entry into force of this amending Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation(EU) No 1095/2010.’; Or. en
2022/10/20
Committee: ECON
Amendment 283 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 2
2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f). Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above twice the standard market sizehat threshold.
2022/10/20
Committee: ECON
Amendment 287 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 3
3. Systematic internalisers are allowed to quote any size. The minimum quoting size shall be at least the equivalentthe minimum of twice the standard market size of a share, depositary receipt, ETF, certificate, or other financial instrument that is similar to those financial instruments and that is traded on a trading venue. For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to twice the standard market size for the class of shares, depositary receipts, ETFs, certificates or financial instruments that are similar to those financial instruments, to whhe minimum of twiche the financial instrument belongsstandard market size. The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.;
2022/10/20
Committee: ECON
Amendment 310 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 9
Regulation (EU) No 600/2014
Article 17a – paragraph 2
2. The application of the tick sizes set in accordance with Article 49 of Directive 2014/65/EU shall not prevent systematic internalisers from matching orders large in scale at mid-point within the current bid and offer prices. Matching orders at mid- point within the current bid and offer prices below large in scale but above twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(f) shall be allowed in so far as those tick sizes are complied with.;
2022/10/20
Committee: ECON
Amendment 313 #
Nicola BEER, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 9 a (new)
Regulation (EU) No 600/2014
Article 18
(9 a) in Article 18, paragraph 1 is deleted.
2022/10/20
Committee: ECON
Amendment 319 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22 a – paragraph 1
1. Market data contributors shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC derivatives as defined in Article 2(7) of Regulation (EU) No 648/2012 that are subject to the clearing obligation as referred to in Article 4 of that Regulation,bonds provide the CTP with all the market data as set out in Article 22b(2) as needed for the CTP to be operational. Those market data shall be provided in a harmonised format, through a high quality transmission protocol, and as close to real- time as is technically possibleno later than one minute after the transaction by all trading venues.
2022/10/21
Committee: ECON
Amendment 347 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 1
1. The Commission shall set up an expert stakeholder group by [OP add 3 months as of entry into force] to provide advice on the quality and the substance of market data, the common interpretation of market data and the quality of the transmission protocol referred to in Article 22a(1). TESMA should work closely with the expert stakeholder group which shall provide advice on a yearly basis. That advice shall be made public.
2022/10/21
Committee: ECON
Amendment 349 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – first subparagraph
2. The Commission shall be empowered to adESMA should developt delegated acts in accordance with Article 50 to specify the quality and the substance of the market data and the quality of the transmission protocolraft regulatory standards.
2022/10/21
Committee: ECON
Amendment 351 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – second subparagraph – introductory part
Those delegated actregulatory technical standards shall in particular specify all of the following:
2022/10/21
Committee: ECON
Amendment 353 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22b – paragraph 2 – third subparagraph
ESMA shall submit those draft regulatory technical standards to the Commission by […]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. For the purposes of the first subparagraph, the Commission shall take into account the advice from ESMA and from the technical expert group established in accordance with paragraph 2, international developments, and standards agreed at Union or international level. The Commission shall ensure that the delegated actregulatory technical standards adopted take into account the reporting requirements laid down in Articles 3, 6, 8, 10, 14, 18, 20, 21 and 27g.
2022/10/21
Committee: ECON
Amendment 360 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 11 b (new)
Regulation (EU) No 600/2014
Article 26 – paragraph 1
(11 b) in Article 26, paragraph 1, is replaced by the following: "1. Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible, and no later than the close of the following working day. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)Following an impact assessment of the European Commission, further alignements to other regulations such as UCITS, AIFMD or EMIR can be advantageous. However, additional reporting and unproportionate requirements shall not be the outcome of such a review. Or. en
2022/10/21
Committee: ECON
Amendment 362 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – title
Article 27da Selection process for the authorisation of a single consolidated tape provider for each asset clasbonds
2022/10/21
Committee: ECON
Amendment 367 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 1
1. By [OP insert date 3 months as of entry into force], ESMA shall organise a selection procedure for the appointment of the CTP for a five year term. ESMA shall organise a separate selection procedure for each of the following asset classes: shares, exchange traded funds, bonds and derivatives (or relevant subclasses of derivatives).term deemed appropriate keeping in mind the set-up costs which will be incurred by the CTP. ESMA should organise a separate selection procedure for bonds
2022/10/21
Committee: ECON
Amendment 370 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – introductory part
2. For each of the asset classebonds referred to in paragraph 1, ESMA shall assess the applications on the basis of the following criteria:
2022/10/21
Committee: ECON
Amendment 392 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 3
3. The first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing one minute delayed post trade data. Prior to subsequent selection procedures, ESMA shall assess market demand and revenue impacts on regulated markets and based on that assessment, report to the Commission on the opportunity of adding best bids and offers and corresponding volumes to the tape as well as on the possible improvement to the tape, including on the speed of publication. Based on that report and on the experience gained further to the first selection procedure, the Commission is empowered to adopt a delegated act specifying the appropriate level of pre- trade data to be contributed to the CTPmeasures for improving the data tape.
2022/10/21
Committee: ECON
Amendment 398 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
4. The selection of the CTP for sharebonds shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP for sharebonds that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets, with the highest amount of revenue that remains for distribution once deducted operating costs and a small incentivising margin which is deemed appropriate and reasonable margin. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.
2022/10/21
Committee: ECON
Amendment 407 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 5
5. ESMA shallould adopt a fully reasoned decision selecting and authorising the entities operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. Such reasoned decision shall specify the conditions under which the CTPs shall operate, and in particular the level of fees referred to in paragraph 2, point (g) and for sharebonds the level of the participation referred to in paragraph 3, in particular for smaller regulated markets.
2022/10/21
Committee: ECON
Amendment 415 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point c
(c) in the case of market data concerning shares, redistribute part of their revenues for the purposes of covering the cost related to mandatory contribution and of ensuring a fairreasonable level of participation for regulated markets, and in particular smaller regulated markets, in the revenue generated by the consolidated tape, in accordance with Article 27da(4);
2022/10/21
Committee: ECON
Amendment 420 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point d
(d) make consolidated core market data, for the provision of which the CTP is selected in accordance with Article 27da, available in accordance with the data quality requirements set out in Article 22b to users into a continuous electronic data stream on non-discriminatory terms as close to real time as technically possibleno later than one minute after the transaction;
2022/10/21
Committee: ECON
Amendment 426 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – second subparagraph
For the purpose of establishing the participarevenue redistribution in point (c), the revenue of the CTP shall be allocated among regulated markets according to a formula that reflects the proportion of pre-trade transparent liquidity in shares displayed by a regulated market relativcore market data provided while taking into account the ratio of market data revenue to the aoverage daily turnover in these shares in the Unionll revenue within the legal group structure.
2022/10/21
Committee: ECON
Amendment 435 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Caroline NAGTEGAAL
Proposal for a regulation
Article 1 – paragraph 16
4. After 12 months of full operation of the CTP for sharebonds, ESMA shall provide the Commission with a motivated opinn evaluation on the effectiveness and fairness of the level of participation of regulated markets in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinionassessments, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;
2022/10/21
Committee: ECON
Amendment 446 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU, Billy KELLEHER
Proposal for a regulation
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39 a (new)
(26) the following Article 39a is inserted: ‘ Article 39a Ban on payment for forwarding client orders for execution Investment firms acting on behalf of clients shall not receive any fee or commission or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.; ’deleted
2022/10/21
Committee: ECON
@parltrack
@parltrack@eupolicy.social
[javascript protected email address]
code AGPLv3.0+
data ODBLv1.0
site content CC-By-Sa-3.0

ParlTrack - 2011-2024

© European Union, 2011 – Source: European Parliament
Hosted by AS250.net Foundation