Annexes to COM(2021)727 - Amending regulation 600/2014 on enhancing market data transparency, removing obstacles, optimising trading obligations and prohibiting payments for forwarding client orders

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dossier COM(2021)727 - Amending regulation 600/2014 on enhancing market data transparency, removing obstacles, optimising trading obligations and ...
document COM(2021)727 EN
date February 28, 2024
Annex 4 for the picture of the market in the main asset classes.
(13) Copenhagen Economics (2018), Pricing of market data
(14) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
(15) Provisions regarding the CTP were initially introduced in MiFID II, but have been replaced to MiFIR, which changes enter into force as of 1 January 2022.
(16) Explicit costs relate to the execution costs of a trade (in particular broker commission rates and trading venue fees), while implicit costs relate to the impact of a trade on liquidity.
(17) ESMA published the following review reports:
(18) ESMA MiFID II/MiFIR Review Report No. 1 on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments.
(19) ESMA MiFID II/MiFIR Review Report No. 1 on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments, p. 17.
(20) ESMA MiFID II/MiFIR Review Report on the transparency regime for non-equity instruments and the trading obligation for derivatives.
(21) EFAMA (2021), Joint statement by EFAMA and EFSA on Consolidated Tape and market data costs, https://www.efama.org/newsroom/news/joint-statement-efama-and-efsa-consolidated-tape-and-market-data-costs  
(22) The RSB sheet and opinion can be found at: [include link]
(23) MSP (2019), The Study on the Creation of an EU Consolidated Tape, Figure 14.
(24) Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories
(25) OJ C […], […], p. […].
(26) OJ C […], […], p. […].
(27) COM/2020/590 final. 
(28) Council Conclusions on the Commission’s CMU Action Plan, 12898/1 of /20 REV 1 EF 286 ECOFIN 1023: https://data.consilium.europa.eu/doc/document/ST-12898-2020-REV-1/en/pdf ;
(29) COM/2021/32 final. 
(30) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
(31) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
(32) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
(33) ESMA MiFID II/MiFIR Review Report No. 1 on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments.
(34) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
(35) Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42).
(36) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).