ESMA consults on trading venue perimeter
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today launches a consultation paper (CP) on what constitutes a multilateral system.
The CP also provides guidance on concrete examples, where the trading venue perimeter is not easily identified and might be subject to different interpretations from market participants and national competent authorities.
This consultation follows up on the final report on the functioning of Organised Trading Facilities under MiFID II in which ESMA committed to publish an opinion clarifying the definition of multilateral systems and providing guidance on when systems should be considered as multilateral systems and, in consequence, seek for authorisation as trading venues.
The proposed Opinion intends to enhance supervisory convergence in the EU and to level the playing field between market participants.
Next steps
Stakeholders, in particular investment firms and market operators, are invited to submit their input by 29 April 2022. ESMA will consider the feedback received to the consultation and publish a final report in Q3 2022.
Further information:
Dan Nacu-Manole
Communications Officer
✆ +33 (0)1 58 36 52 06