Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Opinia ESMA w sprawie granic systemu obrotu

2 February 2023

ESMA70-156-6360

Final Report

On ESMA’s Opinion on the Trading Venue Perimeter

1 Executive Summary

Reasons for publication Following from ESMA’s commitment to publish guidance clarifying the trading venue perimeter, this final report provides ESMA’s final opinion on said trading venue perimeter. The opinion provides important guidance on when systems should be considered as multilateral systems and seek authorisation as a trading venue and is based on the feedback received to the consultation paper.

Contents

This final report contains ESMA’s feedback to the responses received to the consultation paper and includes the final ESMA opinion on the trading venue perimeter.

The final report is organised as follows: Sections 2 and 3 provide a brief introduction and legal background on the definition of multilateral systems and the implications of the changes introduced in MiFID II with regards to trading venue authorisation, in particular the requirement for all multilateral systems to...