Leaving the quarterly calculations of “systemic internalisers” behind, DPE is the new acronym to keep in mind for participants in the EU’s over-the-counter securities markets. The new transactions reporting system, built around “Designated Publishing Entities”, comes into play on Monday, 3 February 2025.
As we noted last summer, the European Securities and Markets Authority then described its upcoming DPE regime in a public statement. Now, the EU body stops at filing a brief reminder of the new system coming into full operation.
“Following the MiFIR review, the responsibility for reporting OTC-transactions will shift from SIs to the new Designated Publishing Entities (DPEs). The old approach has led many investment firms to opt in to the status of SI to be able to report the trades for their clients. When these firms were not dealing on own account on a systematic basis this added disproportionate requirements to them,” writes ESMA.
“The DPE regime (see ESMA’s Public Statement) allows National Competent Authorities (NCAs) to grant the status of DPE to investment firms. DPEs, when they are party to a transaction, will need to make these transaction public through an approved publication arrangement (APA).”