On 28 June 2022, the European Securities and Markets Authority announced that it will not publish the 1 August 2022 publication of systematic internaliser (SI) regime data for non-equity instruments other than bonds, as well as that of the consolidated tape (CTP) data. The ESMA explains that this is due to operational constraints which are preventing it from performing the scheduled calculations.
The non-publication of the data means the mandatory SI regime will not apply from 15 August to 14 November 2022. Investment firms will not need to perform the SI-test for non-equity instruments other than bonds. However, investment firms can continue to opt into the SI-regime in the interim period. The SI-calculations for non-equity instruments other than bonds resumes on 1 November 2022, based on an observation period from 1 April 2022 to 30 September 2022. Investment firms will be required to perform the SI determination by 15 November 2022.
The CTP calculations will resume on 1 February 2023 based on an observation period from 1 July 2022 to 31 December 2022. ESMA reminds reporting entities of their obligations to continue reporting transparency data.