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REPORT (COM(2021)0727 – C90440/2021 – 2021/0385(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders

A-9-2023-0040

Committee on Economic and Monetary Affairs · Rapporteur: Danuta Maria Hübner

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Parliament's amended version of a proposed regulation amending Regulation (EU) No 600/2014 on market data transparency, a consolidated tape, trading obligations and payment for forwarding client orders. It requires trading venues, APAs and systematic internalisers to contribute market data to a single consolidated tape provider per asset class, selected by ESMA, and sets data quality and clock synchronisation rules. It replaces the double volume cap with a single EU-wide 7% cap, harmonises deferrals for non-equity transactions, and requires a reasonable commercial basis for market data. It bans investment firms from receiving fees or commissions for forwarding client orders, aligns the derivatives trading obligation with the clearing obligation, and exempts exchange-traded derivatives from open access.

Committee position. The Committee on Economic and Monetary Affairs adopts Parliament's position at first reading, amending the Commission proposal to introduce a consolidated tape, a single volume cap, harmonised deferrals, a ban on payment for order flow, and changes to trading obligations.

Key points

  1. All multilateral systems must operate as an MTF, OTF or regulated market, and investment firms dealing outside such venues must follow Title III rules.
  2. The reference price waiver is limited to orders above a size set by ESMA, and the midpoint may be derived from the consolidated tape for shares and ETFs.
  3. The double volume cap is replaced by a single EU-wide cap: trading venues must suspend waivers when trading under them exceeds 7% of total Union volume in an instrument.
  4. Deferrals for non-equity transactions are harmonised into five categories, with maximum price and volume deferrals from 15 minutes up to four weeks, and sovereign debt deferrals up to six months.
  5. Market data must be provided on a reasonable commercial basis, with ESMA developing technical standards on costs and margins, and free access after 15 minutes for venues and APAs.
  6. Systematic internalisers must publish firm quotes at a minimum size set by ESMA and may match at midpoint above that size without tick-size rules.
  7. Market data contributors must provide data to the consolidated tape provider in a harmonised format as close to real time as possible, with smaller markets exempt or able to opt in.
  8. ESMA selects a single consolidated tape provider per asset class, starting with bonds, then shares and ETFs, then derivatives, for a five-year term.
  9. Consolidated tape providers must offer free access to retail investors, academics, civil society and public authorities, and redistribute revenue to data contributors.
  10. The derivatives trading obligation is aligned with the clearing obligation, and can be suspended alongside the clearing obligation or independently for specific firms or counterparties.
  11. Open access obligations for exchange-traded derivatives are removed for CCPs and trading venues.
  12. Investment firms are banned from receiving fees, commissions or non-monetary benefits for forwarding client orders, except under approved tariff structures for professional clients.

Who is affected

  • Trading venues, APAs and systematic internalisers must contribute market data and follow transparency rules.
  • Consolidated tape providers must meet organisational, data quality and revenue redistribution requirements.
  • Investment firms are banned from receiving payment for forwarding client orders and face reporting changes.
  • Smaller regulated markets and SME growth markets are exempt from mandatory data contribution but can opt in.
  • Retail investors get free or nominal-fee access to the consolidated tape.

Figures and deadlines

  • 7% of total Union volume triggers suspension of waivers under the single volume cap.
  • Deferral for category 1 transactions: price and volume not exceeding 15 minutes.
  • Deferral for category 5 transactions: price and volume not exceeding four weeks.
  • Sovereign debt deferral: omission of volume up to six months or aggregated deferral for six months.
  • Smaller markets exemption threshold: average daily trading volume less than 1% of Union total.
  • Market operator group threshold: collectively more than 2% of average daily trading volume.
  • ESMA must submit technical standards on data quality by 12 months after entry into force.
  • ESMA must submit technical standards on revenue redistribution by six months after entry into force.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.