ESMA consults on its MiFID II/MiFIR Annual Report
The Consultation Paper provides for the Annual Assessment of the
operation of the thresholds for the liquidity determination of bonds
and the trade percentiles determining the pre-trade SSTI-threshold
which is currently subject to a a four-stage phase-in regime under RTS
The Consultation proposes to: Move to stage 3 for the
liquidity assessment of bonds; Move to stage 3 for the SSTI percentile
of bonds; and Not to move to stage 2 for the SSTI percentile of non-
equity instruments other than bonds.
These proposals are
designed to increase the transparency available to market participants
in the bond market.
ESMA will consider the
feedback and expects to publish a final report and submit, if
necessary, regulatory technical standards to the European Commission
for endorsement in July 2021. Following such endorsement, the RTS are
then subject to a non-objection procedure by the European Parliament
and the Council.
✆ +33 (0)1 58 36 52 06
@ [email protected] europa. eu
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