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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/09/2021 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
158.57 KB
24/09/2021 Market makers - XLS Market makers and authorised primary dealers who are using the exemption under the SSR- XLS Reference XLSX
39.23 KB
24/09/2021 ESMA70-156-3914 Response form- Consultation Paper on the review of certain aspects of the SSR Reference DOCX
751.38 KB
08/09/2021 ESMA33-128-760 Securitisations designated as STS as from 01/01/2019 Regulation 2402/2017 Reference XLSX
108.67 KB
18/08/2021 ESMA81-391-72 Minutes of the euro risk-free rates WG Meeting 01/07/2021 Reference PDF
148.4 KB
11/08/2021 Market makers - pdf Market makers and authorised primary dealers who are using the exemption under the SSR- PDF Reference PDF
484.04 KB
04/08/2021 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
26.08 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.

29/07/2021 ESMA70-145-114 Q&A on the Benchmarks Regulation (BMR) , Q&A PDF
534.4 KB
26/07/2021 ESMA81-391-73 Recommendations from the Working Group on Euro Risk-Free Rates on the switch to risk free rates in the interdealer market Reference PDF
141.6 KB
20/07/2021 ESMA70-1861941480-56 Q&A on MiFIR data reporting , Q&A PDF
1.04 MB
15/07/2021 ESMA 32-63-365 List of decisions published from the EECS’s Database of Enforcement Reference PDF
243.01 KB
12/07/2021 ESMA81-391-70 Call for expression of interest Working Group on Euro Risk-Free Rates Reference PDF
134.47 KB
12/07/2021 Position Limits Position Limits Opinion XLSX
58.58 KB
12/07/2021 ESMA70-155-12008 Opinion on position limits on ICE Endex Dutch TTF gas contracts Opinion PDF
324.86 KB
12/07/2021 ESMA70-155-12003 Opinion on position limits on EEX TTF gas contracts Opinion PDF
315.18 KB
12/07/2021 ESMA70-155-12026 Opinion on position limits on EEX NCG gas contracts Opinion PDF
325.88 KB
03/06/2021 ESMA32-65-324 Call for interest ESMA ECL Workshop , Reference PDF
39.11 KB
28/05/2021 ESMA33-128-563 Questions and answers on the Securitisation Regulation Q&A PDF
1.37 MB
27/05/2021 esma82-402-514 Response_form_CP_STS_RTS_ITS_SECR Reference DOCX
770.72 KB
26/05/2021 ESMA70-156-4067 (response form) CP Response form- Technical standards for commodity derivatives , Reference DOCX
754.11 KB

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