EMIR Q&A Update: Trading Venue Definition

December 21, 2020

ESMA today have released a new Q&A for EMIR reporting.

They have clarified the definition of a trading venue for the purposes of EMIR should follow the definition supplied in MiFIR rather than the EMIR ITS.

Q&A changes include;

Ref Q&A Section Title Value Before Value After
1 OTC scenarios Reporting to TRs – Transaction scenarios The cases herein follow an operational perspective with a view to efficient reporting to TRs, rather than the exact legal structure and number of contracts within a derivatives transaction, notably ETDs. This is consistent with the approach taken in the Commission Delegated Regulation no. 148/2013 (notably Article 2 on cleared trades). The cases herein follow an operational perspective with a view to efficient reporting to TRs, rather than the exact legal structure and number of contracts within a derivatives transaction, notably ETDs. This is consistent with the approach taken in the Commission Delegated Regulation no. 148/2013 as amended by the Commission Delegated Regulation 2017/104 (notably Article 2 on cleared trades) under which the reference to the ‘trading venue’ should be interpreted in line with the clarifications provided in the ETDs Reporting Question 1(1).
2 ETD 1 Scope of reporting The questions and answers relating to the reporting of “ETD contracts” cover the reporting of the conclusion of derivative contracts that meet all of the following criteria;

1. The contract is subject to the rules of a trading venue*

*As defined in Article 2(8) of the Commission Regulation (EC) No 1287/2006, but excluding contracts concluded through a systematic internaliser.

The questions and answers relating to the reporting of “ETD contracts” cover the reporting of the conclusion of derivative contracts that meet all of the following criteria;

1. The contract is subject to the rules of a trading venue*

*As defined in Article (2)24 of the Directive 2014/65/EU

Where;

Ref Reference Text
1 Article 2(8) of the Commission Regulation (EC) No 1287/2006 ‘trading venue’ means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF;
2 Article (2)24 of the Directive 2014/65/EU ‘trading venue’ means a regulated market, an MTF or an OTF;

 

https://www.esma.europa.eu/press-news/esma-news/esma-updates-emir-qas-0

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