The consultation paper seeks feedback from market participants on its proposed guidance
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, consults
on how National Competent Authorities (NCA) should ensure that trading
venues have appropriate communication protocols in case of a market
outage.
The consultation paper seeks feedback from market
participants on its proposed guidance, and in particular on the
proposals that:
- trading venues should have appropriate communication protocols in
place ensuring communication to members, participants and the public
during an outage;
- NCAs should require trading venues to have arrangements in place to avoid that an outage affects the closing auction; and
- NCAs should require trading venues, in the cases where an outage
prevents the trading venue from running the closing auction, to ensure
that the market is provided with an official closing price.
The guidance, that ESMA intends to issue in the form of an opinion,
will apply to equity markets and, where applicable, to non-equity
instruments.
Next steps
Interested parties are invited to send their contribution until 16 December 2022. ESMA will consider the feedback and publish a final opinion in Q1 2023.
ESMA
© ESMA
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