Public hearing on revised rules following the MiFIR review

28 Jun 2024, from 09:00 to 16:30 (Paris Time)
Market data
Trading
Materials from the hearing:
- Recording
- Presentation
- Verena Ross' speech

ESMA organised an online public hearing on revised rules following the MiFIR review on Friday 28 June 2024.

The morning session from 9:00 to 12:00 focused on the review of Regulatory Technical Standards (RTS) 2 on transparency for bonds, structured finance products and emission allowances, draft RTS on reasonable commercial basis and review of RTS 23 on supply of reference data. More details are available on the Consultation Package published on 21 May 2024.

The afternoon session from 13:00 to 16:30 focused on the Technical Standards related to Consolidated Tape Providers (CTP) and other Data Reporting Services Providers (DRSP), and assessment criteria for the CTP selection procedure. More details are available on the Consultation Package published on 23 May 2024.

This public hearing provided all stakeholders with an opportunity to gain a in-depth understanding of ESMA's proposed rules, and to share their initial input, ahead of the deadline for submission of written comments on both consultation packages, by 28 August 2024.

Agenda

09:00-12:00

Welcome and opening remarks – Verena Ross, Chair, ESMA

Morning session: Non-equity transparency, reasonable commercial basis and reference data

  • Introductory remarks – Rodrigo Buenaventura, Chair, Comisión Nacional del Mercado de Valores (CNMV); Chair of the Markets Standing Committee, ESMA
  • Transparency for bonds, structured finance products and emission allowances (RTS 2 review) – Presentation from ESMA staff and Q&A
  • Reasonable commercial basis (new RTS) – Presentation from ESMA staff and Q&A 
  • Supply of reference data (RTS 23 review) – Presentation from ESMA staff and Q&A 
13:00-16:30

Afternoon session: Consolidated Tapes (CT) and Data Reporting Service Providers (DRSPs)

  • Introductory remarks – Armi Taipale, Head of Department, Finanssivalvonta (FIN-FSA) ; Chair of the Data Standing Committee, ESMA
  • Input /output data, reporting instructions and data quality (new RTS) – Presentation from ESMA staff and Q&A
  • Revenue redistribution for the equity CT (new RTS) – Presentation from ESMA staff and Q&A
  • Clock synchronisation (RTS 25 review) – Presentation from ESMA staff and Q&A 
  • Authorisation and organisational requirements for DRSPs – Presentation from ESMA staff and Q&A (new RTS and review of RTS 13 and ITS)
  • Initial reflections on the assessment of prospective CT providers – Presentation from ESMA staff and Q&A

Closing remarks – Charlotte Sickermann, Team Leader, Secondary Markets, ESMA