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Mifid, Uncategorized

ESMA opinion on “Traded on a Trading Venue”

ESMA has published this opinion document on the criteria to determine whether an OTC trade is considered to be “Traded on a Trading Venue” (TOTV). The determination is required to establish whether an OTC trade is reportable under MIFIR transaction reporting and trade reporting. Transaction reporting applies to all investment firms, with trade reporting applying in some scenarios.

The basic principle established by ESMA is the in order to be “TOTV”, the OTC trade must have the same reference data as the equivalent on venue instrument,as defined by RTS 23 (see here).

While the opinion specifically relates to reporting as above, it is not clear whether the principle could be applied to other questions of “on venue equivalence”.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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