Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy dotyczący przestojów na rynku

24 May 2023

ESMA70-156-6458

Final Report

on market outages

1 Executive Summary

Reasons for publication

ESMA published a review report on algorithmic trading on 28 September 2021 where it committed to provide guidance on how trading venues should communicate with market participants in case of an outage. As such, on 22 September 2022 ESMA published a consultation paper (CP) on its proposed guidance on market outages .

This final report contains ESMA feedback to the responses received to the CP and includes the final ESMA opinion to NCAs on market outages.

Contents

This final report presents ESMA’s opinion on market outages following the feedback received by stakeholders to the CP. The opinion sets out ESMA’s expectations on how National Competent Authorities (NCA) should ensure that trading venues have appropriate communication protocols in place, which arrangements should be in place to avoid an outage affecting the closing auction and how trading venues should ensure the market is provided...