ESMA sets out plan for systematic internaliser regime calculations and publications

On 12th July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan (within its updated Q&As on MiFID II and MiFIR transparency topics) for systematic internaliser (SI) regime calculations  ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication for derivatives and other instruments to 1 February 2019.

ESMA was required to amend its original action plan as data completeness for the various asset classes had not reached adequate levels when ESMA conducted its completeness analyses. Given the complexity and size of the task, ESMA then decided to focus on improving completeness for a select number of asset classes while postponing the publication for others.

Next steps
In order to reach comprehensive results ahead of publication on August 1, additional work is required by ESMA, NCAs and trading venues. To achieve a high completeness ratio allowing results to be published for a high number of instruments, ESMA has performed a first completeness check of the data available in the system for the period 3 January to 1 June 2018 at the beginning of June. Based on this work, ESMA has liaised with NCAs and trading venues to increase the completeness rate as quickly as possible.