Page 38 - 期货和衍生品行业监管动态（2024年1月）

期货和衍生品行业监管动态

ESMA 和各成员国监管机构将在 2024 年开展该共同监管行动。

ESMA and NCAs to Coordinate Supervisory Activities on MiFID II Pre-trade

Controls (2024/1/11)

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

markets regulator and supervisor, has launched a Common Supervisory Action (CSA)

with National Competent Authorities (NCAs), with the objective of assessing the

implementation of pre-trade controls (PTCs) by EU investment firms using

algorithmic trading techniques.

PTCs are used by investment firms to carry out checks at order entry to limit and

prevent sending erroneous orders for execution to trading venues. Following the May

2022 flash crash, ESMA and NCAs have focussed their attention on the

implementation of PTCs in the EU, gathering evidence through questionnaires

submitted to a sample of EU investment firms. As a follow up, ESMA and NCAs have

decided to launch a CSA with the goal of gathering further and more detailed insights

on how firms are using PTCs across the EU.

The CSA will cover the following aspects:

● Implementation of PTCs, including their calibration methodology and the use
of hard and soft blocks in the design of PTCs;

● Establishment of credit and risk limits and their interaction with PTCs;

● Monitoring and governance framework related to PTCs;

● Implementation and monitoring of PTCs in case of outsourcing of trading

activity to third countries.

This initiative and the related sharing of practices across NCAs aim at ensuring

consistent application of EU rules, helping to promote stable and orderly markets in

line with ESMA’s objectives. The rules governing the use of PTCs are set out in

25