Through the final publication on September 11 of the transitory calculations made by the European Securities and Markets Authority (ESMA), MiFID II transitional transparency calculation, the thresholds from which exceptions and deferrals can be applied to the general obligations derived from the transparency regime, which are determined by MiFIR (EU Regulation 600/2014), are identified. These thresholds are temporarily applicable from January 3, 2018 until the ordinary calculation system produces results regularly, in accordance with the dates set out in the implementing regulations.
All of us who are part of this regulatory project have seen that with the publication of the transitory calculations of the transparency regime applicable to derivatives and fixed income instruments (non-equity instruments) admitted or traded in trading centers, a step has been taken very important towards the practical implementation of the project.
These calculations have been carried out centrally by ESMA through a laborious work of collection, treatment and statistical preparation of the results, and in which the contribution of the trading centers at the European level and from other sources has been taken into account. of information on OTC operations.
Although each and every one of the aspects of the new framework that make up the MIFID II Directive, the MiFIR Regulation and its extensive technical development regulations are important, the application of a harmonized transparency regime in the negotiation of this type of instruments is, without undoubtedly, one of the fundamental objectives that European legislators identified from the beginning.
The MiFIR Regulation includes general transparency obligations that are applicable to trading venues and systematic internalisers before transactions are concluded (pre-transparency). On the other hand, transparency obligations are also established once the operations are concluded (post-transparency) and, in this case, they apply both to the trading venues and to the trading that takes place outside of them.
This general transparency regime is completed with the possibility of applying permanent exceptions to pre-transparency (waivers) and also with the possibility of temporarily deferring the publication once an operation has been carried out (deferrals). Its application, in a very simplified way and without prejudice to the particularities applicable to the different trading models and systems, is related to the size of the orders and indications of interest in the case of pre-transparency and to the size of the operations. in the case of post-transparency. The published thresholds represent the minimum size on which the comparison should be made.
Raúl Navarro Lozano. Degree in Business Administration, Degree in Law, MBF at AFI.