European Securities and Markets Authority

Big Picture

Short-selling Bans Fail to Achieve Positive Effects: WFE

By Manesh Samtani | 31/03/2020

In Asia, South Korea, Malaysia and Indonesia have imposed short-selling bans, while Thailand, Taiwan and India have tightened their rules to make the practice more difficult.

Securities / Derivatives

EU, US, UK Authorities Grant Relief on Call Recording Rules

By Editors | 23/03/2020

ESMA, the CFTC and the FCA have each indicated that financial firms can consider alternative mitigating steps in circumstances where call recording with clients is not possible.

Market Infrastructure

ESMA Defers SFTR Start Date for Phase One Reporting Entities

By Editors | 19/03/2020

ESMA now expects trade repositories, credit institutions, investment firms to be ready for SFTR reporting from 13 July, alongside CSDs and CCPs.

Market Infrastructure

European Commission Launches MiFID II Review

By Editors | 20/02/2020

The introduction of a consolidated tape and enhancements to investor protection are high priority items in the review.

Market Infrastructure

ESMA Seeks BMR Exemptions for Noncritical, Third-country Benchmarks

By Manesh Samtani | 18/02/2020

ESMA says BMR’s wide scope has led to an unintended consequence whereby third-country benchmarks are not incentivised to keep providing their benchmarks in the EU.

Market Infrastructure

ESMA Consults on New Standards for Third-Country Investment Firms

By Editors | 03/02/2020

The new Investment Firms Regulation (IFR) and Directive (IRD) will require third-country firms providing investment services and activities in the EU to report granular information to ESMA.

Market Infrastructure

ESMA Grants LEI Reporting Relief to Non-EU Issuers Under SFTR

By Editors | 09/01/2020

ESMA has granted non-EU issuers of securities and collateral a 12-month grace period before they are required to report LEIs under SFTR.

Securities / Derivatives

ESMA Analyses Market Impact of Circuit Breakers

By Editors | 08/01/2020

ESMA’s study found that price volatility is significantly lower after the use of a circuit breaker, as intended, but that bid-ask spreads significantly increase after a trading halt.

Market Infrastructure

ESMA Extends UK CCP Recognition to Guard Against No-Deal Brexit

By Editors | 27/12/2019

The temporary recognition decisions for LCH, ICE Clear Europe and LME Clear have been extended to 30 March 2021, in case of a no-deal Brexit scenario.