Following the UK’s exit from the EU ESMA has retracted the registrations of six credit rating agencies and four trade repositories.
The temporary changes made by the UK watchdog were an attempt to prevent the catastrophic disruption of the $50 trillion derivatives market.
The EU regulator said that a total of €88 million in fines relating to 339 actions under the market abuse regulation were imposed in 2019, up from €10 million in 2018.
The consultation paper seeks industry feedback on the market impact of requirements relating to algorithmic trading under the MiFID II regulations.
The majority of industry bodies and market participants will most likely focus their feedback on the settlement penalties and the buy-in components of CSDR.
The new chair of ESMA will take up the role in April 2021 once Steven Maijoor steps down.
ESMA will uphold its approach to derivatives trading obligation requiring activity take place on venues within the EU once Brexit transition period ends.
Barclays Bank SI was not only the largest SI in 2019 but also the largest venue in the bond market, ESMA’s EU market securities report stated.
Statistical analysis from ESMA has revealed the Goldman Sachs SI was the largest in Europe and the second largest venue in 2019 after Cboe Europe’s MTF.
The period of suspension will include essential MiFID II calculations including DVCs, SI regime, and bond liquidity determination.