ESMA issues final standards for publication of derivatives data
On July 10, the European Securities and Markets Authority issued final regulatory technical standards regarding the aggregation and publication of derivatives data by trade repositories. The RTS define the operational standards for aggregation of position data and comparison of aggregate position data across TRs. The RTS set out several additional requirements to better specify and enhance the data quality made available publicly by TRs and also to allow the publication of certain aggregated figures that are required by MiFID II and the Benchmarks Regulation.
In order to ensure that end users are able to aggregate and compare the aggregate position data published by TRs, the RTS establish general rules by defining the frequency and timeliness of publication; the general technical aspects of aggregation for the purposes of publication; and the details of aggregations for the purposes of benchmarks’ and commodities’ thresholds.
The final RTS also includes further clarifications related to the publication of data by TRs, specifically on the calculation of market activity and outstanding volumes for on and off-venue traded derivatives, and the avoidance of double counting across different trade repositories.
ESMA has sent these RTS to the European Commission, which has three months to decide whether or not to endorse them. Once this has happened the European Parliament and the Council will have a right of scrutiny between one and three months.
