Changes from plenary report to adopted text

Removed(b) all of the following data on non-equity instruments:

Removed(i) the transaction price and quantity/size executed at the stated price;

Removed(ii) the market identifier code identifying the execution venue;

Removed(iii) standardised instrument identifier that applies across venues;

Removed(iv) the timestamp information on all of the following:

Removed- the time of execution of the trade;

Removed- the time of publication of the trade;

Removed- the receipt of market data from the market data contributors;

Removed- the receipt of market data at the consolidator’s aggregation/consolidation mechanism;

Removed- the dissemination of consolidated market data to subscribers;

Removed(v) the trading protocols and the applicable waivers or deferrals;

Removed(36c) ‘regulatory data’ means data related to the status of systems matching orders in financial instruments, including information about circuit breakers, trading halts, and opening and closing prices of those financial instruments;

Removed(36d) ‘market operator group’ means an undertaking or a group that owns or controls two or more market operators within the Union;’;

Removed(3) Article 4 is amended as follows:

Removed▌

Removed(b) in paragraph 2, the first subparagraph is replaced by the following:

Removed‘The reference price referred to in paragraph 1, point (a) shall be established by obtaining either of the following:

Removed(a) the midpoint within the current bid and offer prices of any of the following:

Removed(i) the trading venue where those financial instruments were first admitted to trading;

Removed(ii) the most relevant market in terms of liquidity;

Removed(iii) the consolidated tape for shares and ETFs;

Removed(b) when the price referred to in point (a) is not available, the opening or closing price of the relevant trading session.’;

Removed(ba) paragraph 6 is amended as follows:

Removed(i) point (a) is replaced by the following:

Removed‘(a) the range of bid and offer prices or designated market-maker quotes, and the depth of trading interest at those prices, to be made public for each class of financial instrument concerned in accordance with Article 3(1), taking into account the necessary calibration for different types of trading systems as referred to in Article 3(2), and the details of pre-trade data, including identifiers for different types of orders or quotes;’;

Removed(ii) the following point is added:

Removed‘(ea) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1, point (a), which shall be determined taking into account the international best practices, the competitiveness of Union firms, the significance of the market impact and the efficiency of the price formation.’;

Removed(4) Article 5 is amended as follows:

Removed(a) the title is replaced by the following:

Removed‘Article 5 Volume cap’;

Removed(b) paragraph 1 is replaced by the following:

Removed‘1. Trading venues shall suspend their use of the waivers referred to in Article 4(1), point (a), and 4(1), point (b)(i) where the percentage of volume traded in the Union in a financial instrument carried out under those waivers exceeds 7% of the total volume traded in that financial instrument in the Union. Trading venues shall base their decision to suspend the use of those waivers on the data published by ESMA in accordance with paragraph 4, and shall take such decision within two working days after the publication of those data and for a period of six months.’;

Removed(c) paragraph 2 and 3 are deleted;

Removed(d) paragraph 4 is replaced by the following:

Removed‘4. ESMA shall publish within seven working days of the end of each calendar month all of the following data:

Removed(a) the total volume of Union trading per financial instrument in the previous 12 months;

Removed(b) the percentage of trading in a financial instrument carried out ▌under the waivers referred to in Article 4(1), point (a), and Article 4(1), point (b)(i) across the Union and on each trading venue in the previous 12 months;

Removed(c) the methodology that is used to derive the percentages referred to in point (b).’;

Removed(e) paragraphs 5 and 6 are deleted;

Removed(f) paragraph 7 is replaced by the following:

Removed‘7. To ensure a reliable basis for monitoring the trading taking place under the waivers referred to in Article 4(1), point (a), and Article 4(1), point (b)(i) and for determining whether the limits referred to in paragraph 1 have been exceeded, operators of trading venues shall have in place systems and procedures to enable the identification of all trades which have taken place on their venue under those waivers’;

Removed(fa) the following paragraph is added:

Removed‘9a. By ... [three years after the date of entry into force of this amending Regulation], and every two years thereafter, ESMA shall submit to the Commission a report assessing the volume cap threshold set out in paragraph 1 and the method by which it is defined, taking into account financial stability, international best practices, the competitiveness of Union firms, the significance of the market impact as well as the efficiency of the price formation.

RemovedThe Commission is empowered to adopt delegated acts in accordance with Article 50 to amend this Regulation pursuant to regular reviews of the volume cap threshold set out in paragraph 1. For the purpose of this subparagraph, the Commission shall take into account the report from ESMA referred to in the first subparagraph, international developments and standards agreed at Union or international level.’;

Removed(4a) Article 8 is amended as follows:

Removed(a) paragraphs 1 and 2 are replaced by the following:

Removed1. Market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for bonds, structured finance products, emission allowances, derivatives traded on a trading venue and package orders. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours. That publication obligation does not apply to those derivative transactions of non-financial counterparties which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group.2. The transparency requirements referred to in paragraph 1 shall be calibrated for central limit order book and periodic auction systems only.’;

Removed(b) paragraph 4 is deleted;

Removed(5) Article 9 is amended as follows:

Removed(a) in paragraph 1, points (b) and (e)(iii) are deleted;

Removed(ab) paragraph 3 is replaced by the following:

Removed‘3. Competent authorities shall regularly monitor the use and impact of the waivers granted in accordance with paragraph 1 and inform ESMA of their findings.

RemovedCompetent authorities, may, either on their own initiative or upon request by other competent authorities or by ESMA, withdraw a waiver granted under paragraph 1 if they observe that the waiver is being used in a way that deviates from its original purpose or if they consider that the waiver is being used to circumvent the requirements established in this Article.

RemovedCompetent authorities shall notify ESMA and other competent authorities of such withdrawal without delay and before it takes effect, providing full reasons for their decision.’;

Removed(b) in paragraph 5, point (d) is deleted;

Removed▌

Removed(6a) Article 11 is replaced by the following:

Removed‘Authorisation of deferred publication

Removed1. Competent authorities shall be able to authorise market operators and investment firms operating a trading venue to defer the publication of the details of transactions for a period calculated according to the size or type of transaction. The publication of the volume of very large transactions may be deferred for an extended period not exceeding four weeks.

RemovedMarket operators and investment firms operating a trading venue shall clearly disclose proposed arrangements for deferred trade-publication to market participants and the public. ESMA shall monitor the application of those arrangements for deferred trade-publication and shall submit an annual report to the Commission on how they are used in practice.