30 Amendments of Caroline NAGTEGAAL related to 2021/0385(COD)
Amendment 135 #
Proposal for a regulation
Recital 13
Recital 13
(13) Market participants need core market data to be able to make informed investment decisions. Pursuant to the current Article 27h of Regulation (EU) 600/2014, sourcing core market data about certain financial instruments directly from trading venues and APAs requires that consolidated tape providers enter into separate licensing agreements with all those data contributors. That process is burdensome, costly and time consuming. It has been one of the obstacles to consolidated tape providers emerging on a cross market basis. This obstacle should be removed in order to enable consolidated tape providers to obtain the market data and to overcome licencing issues. Trading venues and APAs, or investment firms and systematic internalisers without intervention of APAs (‘market data contributors’) should be required to submit their market data to consolidated tape providers, and to use harmonised templates respecting high–quality data standards to do so. Only CTPs selected and authorised by ESMA should be able to collect harmonised market data from the individual data sources in accordance with the mandatory contribution rule. To make the market data useful for investors, market data contributors should be required to provide the CTP with market data as close as technically possible to real time.no later than one minute after the transaction
Amendment 138 #
Proposal for a regulation
Recital 14
Recital 14
(14) Title II and III of Regulation (EU) 600/2014 require trading venues, APAs, investment firms and systematic internalisers (‘market data contributors’) to publish pre-trade data on financial instruments, including bid and offer prices and post-trade data on transactions, including the price and volume at which a transaction in a specific instrument has been concluded. Market participants are not obliged to use the consolidated core market data provided by the CTP. The requirement to publish those pre-trade and post-trade data should therefore remain applicable to enable market participants to access market data. However, to avoid undue burden on market data contributors, it is appropriate to align the requirement for market data contributors to publish data as much as possible with the requirement to contribute data to the CTP, which will require only post-trade data.
Amendment 145 #
Proposal for a regulation
Recital 20
Recital 20
(20) Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select a single entity which is able to provide the consolidated tape for each specified asset class. Taking into account the novelty of the proposed scheme, ESMA should only mandate the provision of post-trade transparency data for the first selection procedure that it runs in relation to shares. At least 18 months before the launch of the second selection procedure, ESMA should submit a report to the Commission assessing whether there is market demand for extending the data contributed to the tape to pre-trade data. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the depth of pre-trade data to the tapebonds, taking into account the set- up costs. ESMA should prioritise the selection and authorisation of a consolidated tape provider for bonds.
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 2 – point c
Article 1 – paragraph 2 – point c
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 35
Article 2 – paragraph 1 – point 35
(35) ‘consolidated tape provider’ or ‘CTP’ means a person authorised in accordance with Title IVa, Chapter 1 of this Regulation to provide the service of collecting market data for shares, ETFs, bonds or derivatives, from market data contributors, and of consolidating those data into a continuous electronic live data stream providing core market data per share, ETF, bond or derivatives and of providing them to user of market data;;
Amendment 183 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a
Article 2 – paragraph 1 – point 36 b – point a
Amendment 184 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 192 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (ii)
Article 2 – paragraph 1 – point 36 b – point a - point (ii)
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (iii)
Article 2 – paragraph 1 – point 36 b – point a - point (iii)
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 202 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (v)
Article 2 – paragraph 1 – point 36 b – point a - point (v)
Amendment 204 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vi)
Article 2 – paragraph 1 – point 36 b – point a - point (vi)
Amendment 206 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii)
Article 2 – paragraph 1 – point 36 b – point a - point (vii)
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Amendment 211 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 2
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 2
Amendment 214 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 3
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 3
Amendment 217 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 4
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 4
Amendment 219 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 5
Article 2 – paragraph 1 – point 36 b – point a - point (vii) – indent 5
Amendment 222 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point a– point viii
Article 2 – paragraph 1 – point 36 b – point a– point viii
Amendment 226 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36 b – point b – introductory part
Article 2 – paragraph 1 – point 36 b – point b – introductory part
(b) all of the following data on nbon- equitieds:
Amendment 231 #
Proposal for a regulation
Article 1 – paragraph 3 – point a
Article 1 – paragraph 3 – point a
Regulation (EU) No 600/2014
Article 4 – paragraph 1– point a
Article 4 – paragraph 1– point a
Amendment 232 #
Proposal for a regulation
Article 1 – paragraph 3 – point b
Article 1 – paragraph 3 – point b
Regulation (EU) No 600/2014
Article 4 – paragraph 2 – subparagraph 1 – point a – point iii
Article 4 – paragraph 2 – subparagraph 1 – point a – point iii
Amendment 234 #
Proposal for a regulation
Article 1 – paragraph 3 – point b a (new)
Article 1 – paragraph 3 – point b a (new)
Regulation (EU) No 600/2014
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
Article 4 – paragraph 6 – subparagraph 1 – point f (new)
(b a) in paragraph 6, the following point is added: "(b a) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1(a), which shall not be lower than twice the standard market size."
Amendment 319 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22 a – paragraph 1
Article 22 a – paragraph 1
1. Market data contributors shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC derivatives as defined in Article 2(7) of Regulation (EU) No 648/2012 that are subject to the clearing obligation as referred to in Article 4 of that Regulation,bonds provide the CTP with all the market data as set out in Article 22b(2) as needed for the CTP to be operational. Those market data shall be provided in a harmonised format, through a high quality transmission protocol, and as close to real- time as is technically possibleno later than one minute after the transaction by all trading venues.
Amendment 362 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – title
Article 27da – title
Article 27da Selection process for the authorisation of a single consolidated tape provider for each asset clasbonds
Amendment 367 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 1
Article 27da – paragraph 1
1. By [OP insert date 3 months as of entry into force], ESMA shall organise a selection procedure for the appointment of the CTP for a five year term. ESMA shall organise a separate selection procedure for each of the following asset classes: shares, exchange traded funds, bonds and derivatives (or relevant subclasses of derivatives).term deemed appropriate keeping in mind the set-up costs which will be incurred by the CTP. ESMA should organise a separate selection procedure for bonds
Amendment 370 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – introductory part
Article 27da – paragraph 2 – introductory part
2. For each of the asset classebonds referred to in paragraph 1, ESMA shall assess the applications on the basis of the following criteria:
Amendment 398 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
Article 27da – paragraph 4
4. The selection of the CTP for sharebonds shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP for sharebonds that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets, with the highest amount of revenue that remains for distribution once deducted operating costs and a small incentivising margin which is deemed appropriate and reasonable margin. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.
Amendment 407 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 5
Article 27da – paragraph 5
5. ESMA shallould adopt a fully reasoned decision selecting and authorising the entities operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. Such reasoned decision shall specify the conditions under which the CTPs shall operate, and in particular the level of fees referred to in paragraph 2, point (g) and for sharebonds the level of the participation referred to in paragraph 3, in particular for smaller regulated markets.
Amendment 420 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point d
Article 27h – paragraph 1 – subparagraph 1 – point d
(d) make consolidated core market data, for the provision of which the CTP is selected in accordance with Article 27da, available in accordance with the data quality requirements set out in Article 22b to users into a continuous electronic data stream on non-discriminatory terms as close to real time as technically possibleno later than one minute after the transaction;
Amendment 435 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
4. After 12 months of full operation of the CTP for sharebonds, ESMA shall provide the Commission with a motivated opinn evaluation on the effectiveness and fairness of the level of participation of regulated markets in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinionassessments, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;