Texts of a directive and regulation to improve MiFID II market data and transparency formed part of European offices’ rich output on Friday 2 February 2024 – this one from the European Council. From the side of ESMA, this was accompanied by official translations of two guideline sets under the “CCPRRR” (Regulation on a framework for the recovery and resolution of central counterparties), as well as a number of Q&A document releases such as around the European Market Infrastructure Regulation and MiFIR transaction reporting.
These publications, among many others from the EU offices on Friday, were noted respectively here, here, and here, on the Regulation Tomorrow news site of law firm Norton Rose Fulbright, by its global head of financial services knowledge Simon Lovegrove. The links could lead you towards the public source documents in question.
The text from the European Council brings proposed change to the Markets in Financial Instruments Regulation (MiFIR) “as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow”. It follows the adoption by the European Parliament on 16 January. “The new provisions are intended to reduce information asymmetries between market participants and improve orderly trading in commodity derivatives concerning energy and food,” notes Regulation Tomorrow. The practice of payment for order flows will be banned through the EU.
From the European Securities and Markets Authority (ESMA), the new official translations of guidelines under the Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR) relate to two areas: written arrangements and procedures for the functioning of resolution colleges, and the types and content of the provisions of Cooperation Arrangements.