ESMA launches centralised data projects for MiFIR & EMIR

ESMA launches centralised data projects for MiFIR & EMIR

On the 1st April 2015 the European Securities and Markets Authority (ESMA) reported that it has launched two major projects following the effective delegation to ESMA by a number of National Competent Authorities (NCAs) of the following tasks:

  • to provide a central facility in relation to instrument and trading data and the calculation of the MiFIR transparency and liquidity thresholds (the “Instrument Reference Data Project”); and
  • to provide a single access point to trade repositories data under EMIR (the “Trade Repositories Project”).

Accordingly, NCAs have delegated tasks related to data collection requirements under MiFIR and the Market Abuse Directive (MAR) to ESMA, as well as the creation of a central access point for regulators to data of the EU’s six trade repositories.

The projects will effectively allow ESMA to collate data directly from market infrastructures in a more efficient and harmonised manner and make them available to the public through a centralised system

The said projects will effectively allow ESMA to collate data directly from market infrastructures (trading venues or trade repositories) in a more efficient and harmonised manner and make them available to NCAs and to the public through a centralised system.

The Instrument Reference Data Project comprises the collection of MiFIR/MAR data directly from circa 300 trading venues across the EU in order that ESMA may perform and publish the necessary transparency and liquidity threshold calculations. Once finalised, the database will facilitate access of NCAs and financial market participants to all data for financial instruments admitted to trading on EU regulated markets or traded on MiFID venues (OTFs and MTFs).

The Trade Repositories Project will provide immediate access, via a single platform, to the 300 million weekly reports on derivatives contracts received from 5,000 different counterparties across the EU trade repositories.

both ESMA projects will produce important harmonisation benefits and real cost savings

It is anticipated that both ESMA projects will produce important harmonisation benefits and real cost savings, compared with building similar systems in each country, which will result in a lower burden for the financial system and EU taxpayers.

The Trade Repositories Project is expected to go live over the course of 2016 whilst the Instrument Reference Data Project is anticipated to go live in early 2017.

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