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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/02/2019 ESMA40-134-347 Conflict of interests and ethics policy- ESMA staff , Reference PDF
6.95 MB
24/01/2019 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
80.26 KB
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Final Report PDF
673.72 KB
27/11/2018 ESMA64-337-1278 ESMA Candidate Guidelines Reference PDF
1.09 MB
31/10/2018 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.31 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.

23/08/2018 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
227 KB
31/05/2018 ESMA71-99-996 Towards benchmark stability and integrity Speech PDF
164.02 KB
29/05/2018 ESMA70-145-408 Question and Answers (Q&A) on the Regulation on short selling and certain aspects of credit default swaps (SSR) Q&A PDF
536.17 KB
13/03/2018 ESMA70-143-30 First meeting of the Euro Risk Free Rate Working Group – Steven Maijoor concluding remarks Statement PDF
154.5 KB
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Final Report PDF
1.72 MB
22/02/2018 ESMA70-145-441 ECON scrutiny session Short Selling Regulation Verena Ross Speech PDF
197.03 KB
07/02/2018 ESMA71-99-945 EC ECB ESMA FSMA press release on WG on RFR composition Press Release PDF
391.71 KB
18/12/2017 ESMA65-8-5306 Benchmarks attributes Reference PDF
229.87 KB
29/11/2017 ECB/ESMA/FSMA Risk Free Rate Working Group Application Form Reference DOCX
25.87 KB
16/10/2017 ESMA65-8-5046 FIRDS- Instructions on access and download of full and delta reference data files , , , Reference PDF
291.36 KB
29/09/2017 ESMA70-145-253 Response form for the Consultation Paper on Guidelines for non-significant benchmarks Reference DOCX
768.13 KB
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks , Consultation Paper PDF
557.29 KB
21/09/2017 ESMA71-99-595 New Working Group on a Risk-Free Reference Rate for the Euro Area Press Release PDF
147.1 KB

Today, the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA), the European Central Bank (ECB) and the European Commission announce the launch of a new working group tasked with the identification and adoption of a "risk-free overnight rate" which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area.

The working group, chaired by a private sector representative and with the Secretariat to be provided by the ECB, will regularly consult market participants and end-users, as well as gather feedback from other public authorities. Its terms of reference will be made public and the group will regularly report on its meetings. This is to ensure transparency on all steps in the identification and adoption of a new risk free rate.

07/07/2017 ESMA70-145-127 Consultation paper on the evaluation of the short-selling regulation , Consultation Paper PDF
1.46 MB
12/06/2017 ESMA70-146-10 Opinion on CNMV emergency measure under the Short Selling Regulation Opinion PDF
181.85 KB