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Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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20/07/2011 | 2011/223 | Press release- ESMA consults on systems and controls for highly automated trading | Press Releases, MiFID - Secondary Markets | Press Release | PDF 57.39 KB |
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09/12/2011 | 2011/431 | Global regulators discuss OTC derivatives regulation | Press Releases, MiFID - Secondary Markets | Press Release | PDF 18.94 KB |
Leaders and senior representatives of the authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United Statesmet met yesterday in Paris. | |||
22/12/2011 | 2011/457 | ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities | Press Releases, MiFID - Secondary Markets | Press Release | PDF 151.9 KB |
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24/02/2012 | 2012/128 | ESMA readies guidelines on automated trading – application deadline starts | Press Releases, MiFID - Secondary Markets | Press Release | PDF 167.16 KB |
ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading. By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines. | |||
20/04/2012 | 2012/236 | ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS | Short Selling, Market Integrity | Technical Advice | PDF 509.39 KB |
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11/01/2013 | 2013/13 | ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases | Press Release | PDF 207.75 KB |
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14/02/2013 | 2013/215 | ESMA issues first risk report on EU securities markets | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases | Press Release | PDF 99.25 KB |
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04/04/2013 | 2013/302 | ESMA’s Technical Advice to the Commission on Fees for Trade Repositories | Post Trading | Technical Advice | PDF 1.08 MB |
On 14 January 2013 ESMA received a formal request from the European Commission (the Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) by a delegated act. In order to deliver its advice to the Commission, ESMA consulted market participants regarding the proposed fee structures for registration, supervision and recognition of TRs. Respondents to this consultation were encouraged to provide the relevant data to support their arguments or proposals.Given the time period established for providing this advice, ESMA was compelled to require responses to the consultation within a short timeframe. In total, ESMA received 8 responses to the consultation. Non-confidential responses can be found on ESMA’s website. ESMA would like to thank respondents for providing input given the short period ESMA was able to consult for. This document sets out a summary of the responses received by ESMA regarding the fee structure for registration, supervision and recognition of TRs in the EU and includes ESMA’s final technical advice to the Commission on the future Regulation on fees for TRs which will be adopted by the Commission in the form of a delegated act. It is worth noting that all major ESMA proposals were supported by respondents and where comments were received ESMA has considered how best to adjust the original proposals. Next steps ESMA will follow-up on this work with the Commission as they work on the adoption of the Commission delegated regulation on fees for TRs. |
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06/06/2013 | 2013/684 | ESMA and the EBA publish final principles on benchmarks | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Benchmarks | Press Release | PDF 125.48 KB |
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03/09/2013 | 2013/1157 | Technical advice on third country regulatory equivalence under EMIR – US | Post Trading | Technical Advice | PDF 5.06 MB |
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03/09/2013 | 2013/1158 | Technical advice on third country regulatory equivalence under EMIR – Japan | Post Trading | Technical Advice | PDF 3.76 MB |
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03/09/2013 | 2013/1159 | Technical advice on third country regulatory equivalence under EMIR – Australia | Post Trading | Technical Advice | PDF 3.82 MB |
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03/09/2013 | 2013/1161 | Technical advice on third country regulatory equivalence under EMIR – Singapore | Post Trading | Technical Advice | PDF 3.55 MB |
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03/09/2013 | 2013/1162 | Technical advice on third country regulatory equivalence under EMIR – Switzerland | Post Trading | Technical Advice | PDF 3.65 MB |
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03/09/2013 | 2013/1160 | Technical advice on third country regulatory equivalence under EMIR – Hong Kong | Post Trading | Technical Advice | PDF 3.57 MB |
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20/09/2013 | 2013/1324 | ESMA TRV: market conditions improve, as systemic risks persist | Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 149.46 KB |
The European Securities and Markets Authority (ESMA) published today its Trends, Risks, Vulnerabilities (TRV) Report and a Risk Dashboard for the second quarter of 2013. The TRV examines the performance of securities markets in the first half of 2013, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU, to assist both national and EU bodies in their risk assessments. ESMA’s TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level. The TRV finds that EU securities markets and investment conditions in the EU have improved for a second quarter in a row since the 4th quarter of 2012, although systemic risk persisted at medium to high levels. Amongst other risk factors, uncertainty remained high due to concerns over funding sources, low interest rates and recent market fluctuations, resulting in increased market risk, while liquidity, credit and contagion risk continue to be significant. Steven Maijoor, ESMA Chair, said: “While the easing of stress in financial markets is a positive sign, systemic risks in the EU remain high and uncertainty in the international market environment has risen. Valuations in securities markets, volatility in fund flows, and continuity issues around financial benchmarks remain a matter of concern. Faced with these issues regulators and market participants should remain vigilant. “ESMA’s work on identifying those risks facing Europe’s securities markets is an important component in the European System of Financial Supervision’s efforts to foster recovery in its markets and promote financial stability.” The TRV identifies the following key trends for the first half of 2013 in EU securities markets: • Securities markets: market conditions improved moderately while issuance was subdued with equity prices declining and inter-bank lending increasing. The second quarter saw an increase in sovereign borrowing costs, and corporate bonds; covered bonds and securitised products were subdued; • Collective investments: asset managers benefited from improved market conditions, mainly driven by bond, equity or alternative funds whereas money market fund assets decreased. Overall, leverage remained moderate but capital inflows were volatile reflecting a decline in investor sentiment; and • Market infrastructures: trading on EU venues increased in early 2013. Central clearing of interest rate swaps continued to grow. Potential continuity issues around financial benchmarks give rise to concerns. Key risks identified in the Report, and published separately in the Risk Dashboard, include: • Liquidity risk: even though policy action helped to reduce liquidity risks in main market segments, others rose, leaving the overall liquidity risk at high levels; • Credit risk: securities markets in the EU saw a reduction in issuance volumes, mainly in asset classes with higher risk and longer maturities. Despite recent debt refinancing, overall credit risk remains high; • Market risk: equity and bond markets risks increased driven by rising concerns over the valuation of assets; and • Contagion risk: the risk of contagion between market segments remained unchanged, while the level of credit default swap exposures declined. In addition, the TRV presents in-depth analyses on four specific topics: • First evidence on the impact of the Short-Selling Regulation on securities markets; • Contagion risks and the network structure of EU CDS exposures; • Overview of the EU UCITS industry; and • Overview of bail-in and contingent capital securities. Next steps As part of its on-going market surveillance, ESMA publishes its TRV semi-annually, complemented by its quarterly risk dashboard. | |||
02/10/2013 | 2013/1372 | ESMA Technical advice on equivalence of Singapore for TRs (Supplement) | Post Trading | Technical Advice | PDF 500.37 KB |
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02/10/2013 | 2013/1369 | ESMA Technical advice on equivalence of Hong Kong for OTC and TR (Supplement) | Post Trading | Technical Advice | PDF 124.15 KB |
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02/10/2013 | 2013/1371 | ESMA Technical advice on equivalence of South Korea for CCPs | Post Trading | Technical Advice | PDF 1.83 MB |
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03/10/2013 | 2013/1400 | 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group | Post Trading, Press Releases | Press Release | PDF 86.63 KB |
Principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States met on 20 September 2013 at the headquarters of the European Securities and Markets Authority (ESMA) in Paris. The Principals and representatives include: · Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA); · Greg Medcraft, Chairman of the Australian Securities and Investments Commission; · Leonardo Pereira, Chairman of the Comissão de Valores Mobiliários (Brazil); · Patrick Pearson, Acting Director at the European Commission; · Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission; · Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency; · Howard Wetston, Chair of the Ontario Securities Commission; · Anne Héritier Lachat, Chair of the Swiss Financial Market Supervisory Authority; · Gary Gensler, Chairman of the United States Commodity Futures Trading Commission; · Mary Jo White, Chair of the United States Securities and Exchange Commission; · Chuan Teck Lee, Assistant Managing Director at the Monetary Authority of Singapore; · Louis Morisset, President and CEO, l’Autorité des marchés financiers du Québec. The Principals discussed generally: the application of clearing requirements to foreign branches and affiliates; risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution; the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions; co-operation on equivalence and substituted compliance assessments among the relevant authorities; and co-operation between authorities in the supervision of registered foreign entities; The Principals agreed to meet again in February to continue the discussion of the above points. |