The European Securities and Markets Authority (ESMA) has published a consultation paper on the draft regulatory technical standards (RTS) that it is required to draft under Article 65(8)(c) of MiFID II with regard to the consolidated tape for non-equity instruments.  ESMA has already issued draft RTS on an equity tape.

The key areas of the ESMA’s draft RTS on the non-equity tape include rules on:

  • allowing consolidated tape providers (CTPs) to specialise in only one group of asset classes;
  • which trading venues and approved publication arrangements (APAs) should be included in the tape; and
  • the inclusion/removal of trading venues and APAs in the tape.

ESMA considers it important to provide for a balanced draft RTS, which is sufficiently attractive for potential CTPs while allowing for a user-friendly approach.

The deadline for comments on the consultation paper is 5 December 2016. On the basis of the responses to the consultation paper, ESMA will finalise the draft RTS and submit the final report to the European Commission for endorsement.

View ESMA consults on consolidated tape for non-equity products under MiFID II, 3 October 2016

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