On 12 July 2018, the European Securities and Markets Authority (ESMA) published details of its action plan for systematic internaliser (SI) regime calculations ahead of their publication on 1 August 2018. ESMA’s action plan focuses on equity, equity-like instruments and bonds while postponing the publication of derivatives and other instruments to 1 February 2019.

The updated implementation schedule means that ESMA will publish the necessary EU wide data, for the first time by:

  • 1 August 2018 – covering a period from 3 January 2018 to 30 June 2018 for equity, equity-like and bond instruments. Investment firms will then have to perform their first assessment and, where appropriate, comply with the SI obligations by 1 September 2018; and
  • 1 February 2019 – covering a period from 1 July 2018 to 31 December 2018 for ETCs, ETNs, SFPs, securitised derivatives, emission allowances and derivatives. SI’s will have to eventually comply with the obligations from 1 March 2019.

ESMA has also updated its Q&As on transparency topics which includes clarification on:

  • reporting of a new ISIN in FIRDS and FITRS following a corporate action; and
  • application of the DVC to instruments that have been subject to a corporate action.

ESMA has also updated in the Q&As material on general transparency topics and the double volume cap mechanism