Central to the recommendations offered by the Associations is the importance of ESMA following a credible, balanced and data-driven approach in determining the appropriate calibrations for applying deferrals. The proposal by ESMA in its Consultation Paper is not consistent with this approach..
The European Banking Federation (EBF), together with the Association for Financial Markets in Europe (AFME), BVI (German Investment Funds Association), Bundesverband der Wertpapierfirmen (BWF), the European Fund and Asset Management Association (EFAMA) and the International Capital Markets Association (ICMA) released a joint statement on MIFIR RTS 2 post-trade deferrals for bonds.
It follows the respective associations’ responses to the May 2024 ESMA Consultation Paper on the amendment to RTS 2 and is intended to guide ESMA in fulfilling its mandate of drafting regulatory technical standards to support an effective post-trade deferral regime as required by Article 11(4) of MiFIR.
Central to the recommendations offered by the Associations is the importance of ESMA following a credible, balanced and data-driven approach in determining the appropriate calibrations for applying deferrals. The proposal put forward by ESMA in its May 2024 Consultation Paper is not consistent with this approach and, as currently designed, could fail in its objective of creating an effective transparency framework for EU bond markets.
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