Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport dotyczący wezwania do przedstawienia dowodów w sprawie pre-hedgingu

12 July 2023

ESMA70-449-748

ESMA Report

On the Call for Evidence on pre-hedging

1 Executive Summary

Reasons for publication

ESMA originally addressed the practice of pre-hedging in its 2019 and 2020 MAR review. However, diverging views about pre-hedging emerged from the feedback received: some respondents considered that pre-hedging can be considered as a form of front-running, while others considered it as a regular market practice that is beneficial for clients and for the market as a whole.

ESMA did not provide a final view on pre-hedging at the time but committed to further look into the issue.

In July 2022, ESMA published a call for evidence on the subject, receiving 32 responses. In line with the feedback received in 2020, responses to the call for evidence expressed opposing views about the legitimacy of pre-hedging and on whether it is necessary for the market.

Contents

In this report ESMA provides an overview of the feedback received to the call of evidence, identifying elements which...