Third country clearing houses (CCPs) should be classified as they would be if they were established in the European Union, i.e. according to the nature of their main business, the European Securities and Markets Authority (ESMA) said in an opinion published on Tuesday 12 July.
Its objective is to improve the quality and consistency of weekly position reports on financial derivatives of commodities and greenhouse gas emission allowances under the Markets in Financial Instruments Directive ‘MiFID II’ (2014/65).
The ESMA calls on competent authorities to ensure that trading venues comply with this opinion as soon as possible, but no later than Wednesday 12 October.
The weekly position reports provide market participants with transparency on the number of position holders, and the size of their positions, in certain commodity and greenhouse gas emission allowance derivatives, with a breakdown by CCP category. They are published by the trading platforms and centrally by ESMA.
This opinion follows on from an ESMA’s report on the European carbon market published in March 2022 (see EUROPE 12920/11).
Read the ESMA’s opinion: https://aeur.eu/f/2lw (Original version in French by Anne Damiani)