Page 40 - 期货和衍生品行业监管动态（2025年2月刊）

期货和衍生品行业监管动态

ESMA will look across its entire remit, including data, policy and supervision, to

identify ways to ensure that the measures applicable to market participants are

proportionate.

The first areas on which ESMA has focused are the following:

 Transparency and volume cap regimes

ESMA has introduced changes in the transparency framework under the MiFIR

Review that will contribute to a significant reduction in the reporting burden for

market participants.

Since 2018, the transparency and volume cap regimes have relied on data

reported by trading venues to ESMA specifically for these purposes. Going forward,

ESMA intends to discontinue these reporting flows and instead perform the

calculations relying on the transaction data that is already reported to NCAs and

ESMA under Article 26 of MiFIR.

ESMA will publish the calculations based on transaction data following the entry

into force of the revised technical standards on equity transparency, expected by the

end of 2025. Similar changes will be proposed to the technical standards on volume

cap later this year.

ESMA will also discontinue voluntary publication of quarterly SI calculations

data from the beginning of 2025 and focus on further streamlining the relevant

internal processes.

 Transaction reporting

Other initiatives under the MiFIR Review aiming to reduce or ease the reporting

burden include the consolidation and alignment of reference data for the purpose of

transaction reporting and transparency and the alignment of specific requirements

related to transaction data with other reporting regimes, such as EMIR.

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