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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/08/2022 Net short thresholds Net short position notification thresholds for sovereign issuers Short Selling Reference XLSX
28.52 KB

According to Article 7(2) of the Short Selling Regulation, ESMA has to publish a list of the thresholds applicable to the sovereign issuers for the purpose of the notification to competent authorities of significant net short position in sovereign debt.

The way these notification thresholds are defined is further specified in the Commission Delegated Regulation No 918/2012 (the “DR”). The DR specifies that initial threshold categories shall be:
1.0.1% applicable where the total amount of outstanding issued sovereign debt is between 0 and 500 billion euros;
2.0.5% applicable where the total amount of outstanding issued sovereign debt is above 500 billion euros or where there is a liquid futures market for the particular sovereign debt.

The additional incremental levels shall be set at 50% of the initial thresholds. The reporting thresholds shall be monetary amounts fixed by applying the percentage thresholds to the outstanding sovereign debt of the sovereign issuer. They will be revised and updated quarterly to reflect changes in the total amount of outstanding sovereign debt of each sovereign issuer.

In addition, the DR states that the amount of outstanding debt should be calculated using a duration adjusted approach. ESMA has published a Q&A document on how to proceed for the duration adjustment.

The table of thresholds contains the name of the sovereign issuer, the amount of outstanding debt duration adjusted, the initial threshold amount and the relevant percentage, the incremental threshold amount and the relevant percentage.

Please note that the figures of the amount of outstanding debt are duration adjusted (not nominal amounts) and are approximations provided by competent authorities.
22/07/2022 BoA-D-2022-01 Board of Appeal of the ESAs- Decision on C vs EBA Board of Appeal Decision PDF
790.75 KB
20/07/2022 SSR sanctions Administrative measures and sanctions applicable in Member States to infringements of the Short Selling Regulation (SSR) Short Selling Reference PDF
372.65 KB
18/07/2022 ESMA81-459-65 Working Group on Euro Risk-Free Rates- 17 June Meeting Minutes Benchmarks Reference PDF
3.32 MB
15/07/2022 ESMA80-196-6345 Final Report on the Revision to Guidelines and Recommendations on the Scope of the CRA Regulation Credit Rating Agencies, Guidelines and Technical standards Final Report PDF
411.44 KB
08/07/2022 ESMA81-393-513 Response form- RTS on recognition under the Benchmarks Regulation Benchmarks Reference DOCX
755.16 KB
08/07/2022 ESMA81-393-494 CP on Review of the RTS on the form and content of an application for recognition under the Benchmarks Regulation Benchmarks Consultation Paper PDF
541.62 KB
08/07/2022 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Short Selling Reference XLSX
41.05 KB
08/07/2022 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Short Selling Reference PDF
443.4 KB
23/06/2022 ESMA70-145-114 Q&A on the Benchmarks Regulation (BMR) Benchmarks, Supervisory convergence Q&A PDF
568.37 KB
09/06/2022 Overview recruitments Overview recruitments Careers, Vacancies Reference PDF
238.53 KB

Updated June 2022
07/06/2022 ESMA81-393-477 Compliance table on Guidelines on methodology oversight function and record keeping requirements Benchmarks, Guidelines and Technical standards Compliance table PDF
195.01 KB
01/06/2022 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Short Selling Reference PDF
97.14 KB
20/04/2022 ESMA80-187-945 Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022 Credit Rating Agencies, Trade Repositories, Transparency Speech PDF
178.1 KB

Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022: "ESMA – driving forward high-quality supervision and transparency in a single EU capital market"
08/04/2022 ESMA81-459-57 Working group on euro risk-free rates- 2 March 2022 minutes Benchmarks Reference PDF
969.61 KB
04/04/2022 ESMA70-448-10 Final Report- Short Selling Regulation Review Short Selling Final Report PDF
749.55 KB
31/03/2022 ESMA81-459-52 Call for expression of interest issued towards administrators developing €STR-based forward-looking term structure as a fallback in EURIBOR-linked contracts Benchmarks Reference PDF
109.81 KB
18/03/2022 ESMA71-319-210 ESMA_Speech_Verena_Ross_EACT_Summit Corporate Finance, Credit Rating Agencies, Speeches, Sustainable finance Speech PDF
152.66 KB
14/03/2022 ESMA71-99-1864 ESMA Statement on Ukraine Benchmarks, Board of Supervisors, CCP Directorate, Corporate Disclosure, Credit Rating Agencies, Fund Management, Market Abuse, Market Integrity, MiFID - Secondary Markets, Post Trading, Press Releases, Trade Repositories, Trading Statement PDF
93.35 KB
02/03/2022 ESMA81-459-50 Working Group on Euro Risk-Free Rates – Work Programme for 2022/23 Benchmarks Reference PDF
186.08 KB

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