14 Amendments of Antonio Maria RINALDI related to 2021/0385(COD)
Amendment 125 #
Proposal for a regulation
Recital 11
Recital 11
(11) In order to reinforce the price formation process and to maintain a level playing field between trading venues and systematic internalisers, Article 14 of Regulation (EU) No 600/2014 requires systematic internalisers to make public all quotes in equity instruments placed by that systematic internaliser below the standard market size. Systematic internalisers are free to decide which sizes they quote, as long as they quote at a minimum size of 10% of the standard market size. That possibility, however, has led to very low levels ofIt is necessary to require systematic internalisers to publish firm quotes relating to a minimum size tobe determined by ESMA. The minimum size should be determined by ESMA considering the following objectives: i) increasing pre- trade transparency provided by systematic internalisers in equity instruments, and has hampered the achievement of a level playing field. It is therefore necessary to require systematic internalisers to publish firm of equity instruments for the benefit of end-investors; ii) maintaining a level playing field between trading venues and systematic internalisers; iii) providing end investors with an adequoates relating to a minimum of twice the standard market size choice of trading options; and iv) ensuring that the trading landscape in the Union remains attractive and competitive both domestically and internationally.
Amendment 142 #
Proposal for a regulation
Recital 17
Recital 17
(17) Article 23 of Regulation (EU) No 600/2014 requires that the majority of trading in shares takes place on trading venues or systematic internalisers (‘share trading obligation’). This requirement does not apply to trades in shares which are non- systematic, ad hoc or irregular and infrequent. It is notESMA clear when this exemption applies. ESMA therefore clarified thisified the scope of application of Article 23 of Regulation (EU) No 600/2014 by making a distinction between shares on the basis of their International Securities Identification Number (ISIN). Pursuant to that distinction, only shares with an EEA ISIN are subject to the share trading obligation. That approach provides clarity to market participants trading in shares. It is therefore appropriate to incorporate ESMA’s current practice in Regulation (EU) No 600/2014, while simultaneously removconfirming the exemption for trades in shares which are non-systematic, ad-hoc or irregular and infrequent. In order to provide market participants with certainty on which instruments fall under the share-trading obligation, ESMA should be empowered to publish and maintain a list containing all the shares subject to that obligation, on the Financial Instruments Reference Data System (FIRDS) publicly accessible on its website, the shares with an EEA ISIN whose trades take place on a regulated market, MTF, systematic internaliser and the dates and times of the trades.
Amendment 282 #
Proposal for a regulation
Article 1 – paragraph 8 – point a
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 2
Article 14 – paragraph 2
2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to twiche the standard market sizereshold determined by ESMA in accordance with Article 4(6)(ea). Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above twice the standard market sizehat threshold.
Amendment 288 #
Proposal for a regulation
Article 1 – paragraph 8 – point a
Article 1 – paragraph 8 – point a
Regulation (EU) No 600/2014
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Systematic internalisers are allowed to quote any size. The minimum quoting size shall be at least the equivalent of twice the standard market size of a share, depositary receipt, ETF, certificate, or other financial instrument that is similar to those financial instruments and that is traded on a trading venuedetermined by ESMA and shall be lower than the threshold determined in accordance with Article 4(6)(ea). For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to twiche the standard market size for the class of shares, depositary receipts, ETFs, certificates or financial instruments that are similar to those financial instruments, to which the financial instrument belongsreshold determined by ESMA in accordance with Article 4(6)(ea). The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.;
Amendment 291 #
Proposal for a regulation
Article 1 – paragraph 8 – point b
Article 1 – paragraph 8 – point b
Regulation (EU) No 600/2014
Article 14 – Paragraph 6a
Article 14 – Paragraph 6a
Amendment 308 #
Proposal for a regulation
Article 1 – paragraph 9 c (new)
Article 1 – paragraph 9 c (new)
Regulation 600/2014
Article 21- paragraph 1
Article 21- paragraph 1
In Article 21, paragraph 1 is replaced by the following: "1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds, structured finance products, and emission allowances and derivatives traded on a trading venue shall make public the volume and price of those transactions and the time at which they were concluded. That information shall be made public through an APA."
Amendment 356 #
Proposal for a regulation
Article 1 – paragraph 11
Article 1 – paragraph 11
(a a) those trades are non-systematic, ad-hoc, irregular and infrequent; or
Amendment 357 #
Proposal for a regulation
Article 1 – paragraph 11
Article 1 – paragraph 11
Regulation (EU) No 600/2014
Article 23 – paragraph 1 – second subparagraph
Article 23 – paragraph 1 – second subparagraph
ESMA shall publish a list on its website containing the shares with an EEA ISIN subject to the share trading obligation and shall update that list regularlys quickly as possible, on the Financial Instruments Reference Data System (FIRDS) publicly accessible a list on its website, the shares with an EEA ISIN whose trades take place on a regulated market, MTF, systematic internaliser and the dates and times of the trades.;
Amendment 381 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point g
Article 27da – paragraph 2 – point g
(g) the level of the fees that the applicant intends to charge to the different types of users of the core market data. Such level of fees should be determined on the basis of a principle of reasonable commercial basis, specified by ESMA;
Amendment 391 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 3
Article 27da – paragraph 3
3. The first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data1 minute delayed post trade consolidated tape. Prior to subsequent selection procedures, ESMA shall assess market demand and revenue impacts on regulated markets and based on that assessment, report to the Commission on the opportunity of adding best bids and offers and corresponding volumes to threal-time or close to real-time post-trade data to the consolidate tape. Based on that report and on the experience gained further to the first selection procedure, the Commission is empowered to adopt a delegated act specifying the appropriate level of pre- timeline for the provision of real-time or close to real-time post-trade data to bthe contribusolidated to the CTPape where appropriate.
Amendment 397 #
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 shares 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 shares that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated marketsthat (a) ensures a fair and just minimum compensation for (i) costs incurred in complying with their obligations under Article 22a, b and c and (ii) revenue losses as a result of consolidated tape offering a substitute to the exchanges' market data licenses and (b) offers the revenue participation scheme that provides a fair and just revenue compensation for the data contributed to the tape, with the highest amount of revenue that remains for distribution once deducted operating costs and a 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 406 #
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 shall adopt a fully reasoned decision selecting and authorising the entitiesentities deemed suitable for 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 shares the level of the participation referred to in paragraph 3, in particular for smaller regulated markets, taking into account the revenue participation scheme applicable to every execution venue and inviting them to submit an application for authorisation within six months from the initiation of the selection procedure referred to in paragraph 1.
Amendment 410 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 6
Article 27da – paragraph 6
6. The selected CTPs shall comply at all times with the organisational requirements set out in Article 27h and with the conditions set out in the decision of ESMA authorising the CTP referred to in paragraph 3. A CTP that is no longer able to comply with those requirements and conditions, including the requirements and conditions on system disruptions and intrusions, shall inform ESMA thereof without undue delay. In such case, ESMA will withdraw the authorization referred to in Article 27e.
Amendment 411 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 7
Article 27da – paragraph 7
7. The withdrawal of the authorisation referred to in Article 27e shall only take effect either (i) as of the moment that a new CTP has been selected and authorised in accordance with paragraphs 1 to 4. or (ii) if the consolidated tape has not complied with the organizational requirements set out in Article 27h for more than 6 months.