EUROPE: ESMA published updated Protocol on the Operation of the MiFID Database

Thursday January 30 2014

The European Securities and Markets Authority (ESMA) has published an updated protocol on the operation of the ESMA MiFID Database.

The Protocol is intended to facilitate the MiFID market transparency calculations of the national competent authorities. Articles 33 and 34 of the MiFID Implementing Regulation require the national competent authorities to calculate and publish a set of information regarding all shares which are admitted to trading on a regulated market. The exact content of information is different for all shares and liquid shares.

The information is targeted for market participants that need the information for recognising liquid shares (which trigger the obligations for systematic internalisers according to Article 27 of MiFID) and for determining the block sizes for waivers from pre-trade transparency requirements and for delayed post-trade publication. The national competent authorities are responsible for ensuring that the calculations are made, but may delegate the practical calculations to a third party (for example, to a regulated market).

Click on the above link for more details.