Page 22 - 期货和衍生品行业监管动态（2025年1月刊）

期货和衍生品行业监管动态

Start of DPE Regime on 3 February and End of Publication of Systematic
Internalisers Data (2025/1/24)

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

markets regulator and supervisor, reminds market participants that the new regime for

the reporting of Over the Counter (OTC) transactions for post-trade transparency

purposes becomes fully operational on 3 February 2025. ESMA also informs

stakeholders that the quarterly publication of systematic internalisers (SI) data will be

discontinued with immediate effect.

Following the MiFIR review, the responsibility for reporting OTC-transactions

will shift from SIs to the new Designated Publishing Entities (DPEs). The old

approach has led many investment firms to opt in to the status of SI to be able to

report the trades for their clients. When these firms were not dealing on own account

on a systematic basis this added disproportionate requirements to them.

The DPE regime (see ESMA’s Public Statement) allows National Competent

Authorities (NCAs) to grant the status of DPE to investment firms. DPEs, when they

are party to a transaction, will need to make these transaction public through an

approved publication arrangement (APA).

ESMA maintains a public register of DPEs by class of financial instruments, to

help market participants to identify those entities.

Discontinuation of the SI quarterly calculations

Following the application of the MiFID II amendments, it will no longer be

necessary for ESMA to perform SI calculations from September 2025. In view of the

resources needed to perform the calculations and the fact that the regime will end

shortly, ESMA has decided to discontinue the voluntary publication of quarterly SI

calculations data already now. This action will also reduce the administrative burden

for investment firms.

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