ESMA - Final report and draft RTS on the single volume cap, systematic internaliser and circuit breakers
ESMA published a final report containing a package of three draft technical standards, as part of the MiFIR Review.
The final report contains technical standards on the: application of the single volume cap and transparency calculations, delivering a significant contribution to simplification and burden reduction with the phasing-out of daily reporting of transparency data for trading venues and Approved Publication Arrangements (APAs); new qualitative regime for Systematic Internalisers (SIs) harmonising the notification content and clarifying the notification procedure to be followed by investment firms acting as SIs; and rules on circuit breakers and operational resilience for trading venues, streamlining trading venues’ practices in setting circuit breakers and the information to be disclosed to the public. Following the DORA framework, the changes to this RTS will contribute to simplification, providing trading venues with enhanced legal clarity.
The final report has been sent to the European Commission, who now has three months to decide whether to endorse the draft technical standards.
