Page 54 - 期货和衍生品行业监管动态（2023年10月刊）

期货和衍生品行业监管动态

欧盟证券与市场管理局（ESMA，欧盟证券市场的监管者）发布了一份有关

熔断机制的监管简报，全面概述了监管机构对交易场所（TVs）实施熔断机制校

准的期望。

监管简报概述了各成员国相关监管机构（NCAs）为确保有效实施熔断机制

而应执行的几项原则，旨在加强各成员国相关监管机构之间在熔断机制校准方法

上的一致性，促进合规、共识和执法实践。

该指南是在 ESMA 就能源市场应实施的措施致函欧盟委员会的背景下发布

的。鉴于近期发生的事件，如俄乌冲突和 2022 年 5 月的迅速崩盘，导致商品衍

生品和股票市场有时出现剧烈波动，有必要发布本简报。

下一步行动

各成员国相关监管机构将向其管辖范围内的交易场所通报情况，并跟进交易

场所是否符合简报中提出的期望。全欧盟的熔断机制校准将就此得到改善，市场
波动将得到更好的管理。

ESMA Puts Forward Expectations Towards Effective Circuit Breaker

Implementation (2023/10/12)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, is today publishing a supervisory briefing on circuit

breakers, which provides a comprehensive overview of supervisory expectations

regarding the calibration of circuit breakers implemented by trading venues (TVs).

The supervisory briefing outlines several principles that national competent

authorities (NCAs) should enforce to ensure effective circuit breaker implementation

and aims to strengthen convergence among NCAs on circuit breaker calibration

methodology, promoting compliance, common understanding and enforcement

practices.

The guidance comes in the context of the letter ESMA sent to the European

Commission about measures to be implemented in energy markets. Publishing this

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