3 Amendments of Linea SØGAARD-LIDELL related to 2021/0385(COD)
Amendment 123 #
Proposal for a regulation
Recital 10
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 strengthenensuring thea 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 (Article 85 of CDR 2017/565 and Article 7 of CDR 2017/567) is moved to the Level 1 text. Such 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 such information.
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 7
Article 1 – paragraph 7
Regulation (EU) No 600/2014
Article 13 – Paragraph 3- first subparagraph
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. ; (b) specify the frequency, contact details and format of the information to be provided to the competent authorities and ESMA in accordance with paragraph (c) 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) and
Amendment 273 #
Proposal for a regulation
Article 1 – paragraph 7 a (new)
Article 1 – paragraph 7 a (new)
Regulation (EU) No 600/2014
Article 13 – Paragraph 3a (new)
Article 13 – Paragraph 3a (new)
3a. 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 price regulation such as LRIC+ must be introduced.