The Chair of the European Securities and Markets Authority (ESMA) has given a speech in which he considered ESMA’s work to date and laid out ESMA’s plans for the future, emphasising in particular:
- that ESMA seeks greater legal powers to ensure it can uphold the EU’s increased role in financial market regulation and supervision;
- the importance of more secure and independent funding for ESMA;
- in the context of MiFID and MiFIR, the need to properly fine tune and balance
transparency with liquidity when extending pre and post trade transparency to bond an derivative markets; and
- that for the registration of trade repositories that ESMA now expects to grant
the first registrations in November 2013 for all derivative asset classes, both exchange traded and over the counter. This means that obligatory trade reporting will start in February 2014.