BETA

31 Amendments of Isabel BENJUMEA BENJUMEA related to 2021/0385(COD)

Isabel BENJUMEA BENJUMEA

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 thresholdIn order to reduce complexity and align the Union with international practices, the cap mechanism should be suspended for at least five years. ESMA, which would be empowered to monitor market conditions and, in particular, the price formation process and the liquidity available on lit venues, should review the suspension at the end of the five year period. At the end of the five-year suspension period, ESMA should in its final report detailing the impact of the suspension on Union markets. On the basis of that report the Commission should consider whether i) to renew the suspension, ii) revert to a cap at 10% of EU-wide trading threshold, or iii) delete the provisions related to the cap mechanism altogether.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Recital 9

(9) To ensure an adequate level of transparency, the price 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 trading day~~. However, in order not to expose liquidity providers in non-equity instruments to undue risk, it should be possible to mask the price and volumes of very large or illiquid transactions for a ~~short~~longer period of time, which should not ~~be longer than two~~exceed four 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 (using the issuance size as a proxy), the size of the transaction ~~and, for bonds~~(trade size), the credit rating of the non-equity instrument, and it should no longer include the size specific to the instrument concerned nor the large in scale size. In order to simplify the pre- trade transparency regime for bonds and derivatives, the size specific to the instrument should be removed, and the large in scale size should be lowered so that only one threshold remains at an adequate level.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Recital 10

(10) Article 13 of Regulation (EU) No 600/2014 requires market operators and investment firms operating a trading venue to make the pre-trade and post-trade information on transactions in financial instruments available to the public on a reasonable commercial basis (‘RCB’), and to ensure non-discriminatory access to that information. That Article has, however, not delivered on its objectives. The information provided by trading venues, APAs and systematic internalisers on a reasonable commercial basis does not enable users to understand market data policies and how the price for market data is set. ESMA issued guidelines explaining how the concept of RCB should be applied. These guidelines should be converted to legal obligations. Due to the high level of detail required to specify RCB and the required flexibility in amending the applicable rules based on the fast changing data landscape, ESMA should be empowered to develop draft regulatory technical standards specifying how RCB should be applied, thereby further strengthening the harmonised and consistent application of Article 13 of Regulation (EU) No 600/2014. Furthermore, the provision to provide market data on the basis of costs of producing and disseminating the market data is moved to the Level 1 text. Such a move would allow to further specify the general principle via Level 2 measures bearing in mind that the market data is a by-product of the trading activity. Additionally, there is added a requirement in the Level 1 text for trading venues, APAs, SIs and CTPs to share information on the actual costs for producing and disseminating market data as well as on the margins included with CAs and ESMA combined with an empowerment of ESMA to develop draft regulatory technical standards specifying the content, format and terminology of suchinformation.Article13 shall be amended to remove references to pricing based on the value generated by the data user. Art. 86 (2) of Delegated Regulation 2017/565 and Art 8 (2) of Delegated Regulation 2017/567. These articles run counter to the objectives of Article 13, as they allow venues to charge for market data proportionate to the value the market data represents to users, thereby pushing up prices regularly and increasing the number of complicated licensing structures which add additional costs to the investor.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

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~~ESMA should prioritise the selection and authorisation of ac count 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 waynsolidated tape provider for equities and ETFs, followed by bonds and finally by derivatives. The selection processes for each CTP should be staggered at regular intervals, with each selection process starting no later than six months after the initiation of the preceding one. Each successive selection process shall start within 6 months regardless of any delays experienced by the preceding process. For shares/ETFs only, the CTP should comprise pre-trade data related to the best bid and offer. ESMA should also require the CTP for shares to be capable ofr a ~~delegated act, to further specify the depth of~~t least to have the technical capabilities to consolidate and display pre- trade data ~~to the tape~~related to the first five layers of order books.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point i

(i) thAt a minimum the five best bids and offers with corresponding volumes; and timestamps, limited to pre-trade transparency data for shares. For auction systems, that also means the price at which the auction trading system would best satisfy its trading algorithm and the volume that participants in that system would potentially execute at that price;

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b a (new)

(36b a)“market data” means pre-trade and post-trade data generated as a by- product from the primary function of trading venues operating a multilateral system as defined in Article 4(1)(19) of Directive2014/65/EU and data published by APAs in accordance with the requirements set forth in Article 64 of Directive 2014/65/EU.;

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 6

Regulation (EU) No 600/2014
Article 11

(6) Article 11 is amended as follows: (a) 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) deleted paragraph 1 is amended as the first subparagraph 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) in the second subparagraph, point the first subparagraph 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) particular15 minutes; end of trading day; two weeks.; the following subparagraph is the liquidity determination; the size of the transactions, in ~~illiquid markets or transactions that ar~~for bonds, the cla~~rge in scale; (c) bond as investment grade or high yield.; ’~~ssification of the

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 6 a (new)

Regulation (EU) No 600/2014
Article 11

1. 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 with Articles 10 to 14 of Regulation (EU) No 1095/2010. (6 a) 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, for a period calculated according to the size of transaction, the liquidity of the concerned instrument and its credit rating. The publication of the volume of very large transactions may be deferred for an extended period 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 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. 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. 1a. Categories 4 and 5, representing larger trades in illiquid markets should benefit from deferrals where price and volume are aligned. Price disclosure with a longer volume deferral would still signal to the market that a large trade has occurred. 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. ESMA shall 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 Article 27g: (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 Article10(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. ESMA shall regularly review that time limit and adjust it in line with technological developments; (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 Article 21(1). In order to establish the price and volume deferrals, ESMA shall perform a quantitative and qualitative analysis to determine deferrals period per category of bond, respecting the critical link between trade size, liquidity, and credit rating on the one hand and corresponding deferral period. Where available, ESMA shall use the post-trade transparency data published by the consolidated tape for this purpose.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 7

Regulation (EU) No 600/2014
Article 13 – paragraph 3 – first subparagraph

3. ESMA shall develop draft regulatory technical standards to: (a) specify what constitutes a reasonable commercial basis, as well as the content, format and terminology of the reasonable commercial basis information that trading venues, APAs, CTPs and systematic internalisers have to make available to the public; and (b) specify the frequency, contact details and format of the information to be provided to the competent authorities and ESMA in accordance with paragraph 3.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 6 a (new)

Regulation (EU) No 600/2014
Article 13 – paragraph 1 and 2

(6 a) Article 13 paragraph 1 and 2 are replaced by the following: 1. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make the information published in accordance with Articles 3~~, 4~~ and ~~6 to 11~~Article 4,Articles 6 to 11, and Articles 14, 20, 21, 27g and 27h, available to the public on a reasonable commercial basis and ensure non- discriminatory access to the information. ~~Such information shall be made~~Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make such information available free of charge 15 minutes after publication. 2. ThProviding data on a reasonable Ccomm~~ission shall adopt delegated acts in accordance with Article 50 clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1.~~ercial basis means that the price of market data shall be based on the long term cost incremental cost of producing and disseminating such data and may include a reasonable margin not exceeding inflation. Providing data on a reasonable commercial basis furthermore means that the price of market data shall not be based on the value generated by the data user. In this respect Art. 86 (2) of Delegated Regulation2017/565 and Art 8 (2) of Delegated Regulation shall not apply. 2a.Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall, upon request, provide the competent authorities and ESMA with information on the actual costs of producing and disseminating market data including the margins; "

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 7 b (new)

Regulation (EU) No 600/2014
Article 13 – new paragraph 3 a (new)

(3 a) ESMA shall develop a cost benchmark which defines the costs of producing and disseminating market data as a by-product of the trading activity and what constitutes a reasonable margin that market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall follow to comply with Article 13 (2).

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 7 c (new)

(3 b) ESMA shall assess the development in market data costs every second year to measure the adequacy of the rules as well as compliance with the rules. Following this assessment, ESMA shall develop recommendations on whether additional measures must be introduced.

2022/10/20
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 10

Reguation (EU) No 600/2014
Article 22a – paragraph 1 a (new)

1 a. Regulated markets or MTFs whose average daily trading volume of shares represents less than 1 % of the average daily trading volume of the Union shall not be required to provide market data to the CTP;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 10

Regulation (EU) No 600/2014
Article 22a – paragraph 2 a (new)

2 a. Regulated markets or MTFs whose average daily trading volume of shares exceeds 1 % of the average trading volume of the Union shall not be required to provide market data to the CTP if: (i) the regulated market is not part of a group comprising or having close links with a regulated market that would be above the 1% threshold of the total value of equity value traded within the EU; or (ii) the regulated market accounts for equal to or more than 85% of the average annual traded volume of shares that were first admitted to trading on the regulated market. ESMA shall publish on its website a list of regulated markets exempted from providing market data to the CTP and shall update that list regularly.

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

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). The expert group shall have broad representation, including users of the data: buy and sell-side firms. The expert stakeholder group shall provide advice on a yearly basis. That advice shall be made public.

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 10

Regulation (EU) No 600/2014
Article 22b – paragraph 2 a (new)

2 a. ESMA shall be empowered to develop regulatory technical standards providing the framework for the creation of a separate governance body mandated to oversee data quality. This will include i) data standard development ii) real-time monitoring of data contribution iii) disciplinary actions: fining and sanctioning powers

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 11 c (new)

Regulation (EU) No 600/2014
Article 26 – paragraph 4

4. Investment firms which transmit orders shall include in the transmission of that order all the details as specified in paragraphs 1 and 3. Instead of including the mentioned details when transmitting orders, an investment firm may choose to report the transmitted order, if it is executed, as a transaction in accordance with the requirements under paragraph 1. In that case, the transaction report by the investment firm shall state that it pertains to a transmitted order. (12 a) in Article 26, paragraph 4 is replaced by the following: " 4. Investment firms 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. The competent authorities shall, in accordance with Article 85 of Directive 2014/65/EU, establish the necessary arrangements in order to ensure that the competent authority of relevant markets also receives that information. The competent authorities shall establish the necessary arrangements in order to ensure that the information can be shared with other competent authorities upon request; Or. en (Regulation (EU) No 600/2014)

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27d a (new) – Paragraph 1

1. By [~~OP insert date 3 months as of entry into force~~three months after the date of entry into force of the delegated act under Article 22b(2)], 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)~~asset class prioritising shares and ETFs over bonds and derivatives. Each selection procedure shall be initiated no later than six months following the initiation of the preceding one.

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

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 classes referred to in paragraph 1, ESMA shall ~~assess~~select the applicant for subsequent authorisations on the basis of the following criteria:

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point b a (new)

(b a) the ability to receive, consolidate and disseminate pre-trade and post-trade market data for shares, up to the first five layers of the orders book, and post-trade data for ETFs, bonds and derivatives;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point c

(c) the adequacy of the governance structure of the applicants in line with the RTS to be developed by ESMA referenced in Article 22b(1);

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point d

(d) the adequacy of speed at which the applicants can disseminate core market data;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point e

(e) the cap~~acity~~propriateness of the applicant’s ~~to disseminate good~~methods and arrangements to ensure data quality ~~data~~;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point f

(f) the reasonable level of total expenditure needed by the applicants to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point g

(g) the level of the fees that the applicant intends to charge to the different types of users of the core market data; their proportionality to the costs incurred for running the CTP, as well as the simplicity of its fee and licensing models; and the applicant’s ultimate ability to cover costs and generate a reasonable margin in line with Article 13 RCB which applies to other types of data providers;

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point i

(i) the ~~storage medium the applicants will use for the storage of historic data~~appropriateness of the arrangements in place to preserve records for the purposed of Article 27ha(3);

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point j

(j) the ~~protocols the applicants will use to prevent and address outages~~ability to ensure regularity resilience and business continuity.

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

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 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. 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 CTP.deleted

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 3a (new)

3 a. The selection of the CTP for shares and ETFs shall, in addition to the criteria in paragraph 2 of this Article, consider the revenue redistribution scheme whereby the market data contributor should only receive a remuneration based on the costs it has incurred in generating the data and providing it to the CTP, and in particular the formula, applicable to smaller regulated markets that decide to voluntarily opt in to the mandatory contribution of market data, in accordance with Article 22a(2b). This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the level of contribution to the price formation process of market data contributed in accordance with Article 22a.

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 4

4. The selection of the CTP for shares 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 shares 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 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.deleted

2022/10/21
Committee: ECON

Isabel BENJUMEA BENJUMEA

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 4 a (new)

4 a. ESMA shall adopt a fully reasoned decision selecting the entity per asset class, deemed suitable for operating the consolidated tapes and inviting them to submit an application for authorisation within six months from the initiation of the selection procedure referred to in paragraph 1.

2022/10/21
Committee: ECON