The European Securities and Markets Authority (ESMA) has reminded market participants that the new regime for reporting over-the-counter (OTC) transactions for post-trade transparency becomes fully operational on 3 February 2025, and it has discontinued the quarterly publication of systematic internaliser (SI) data with immediate effect. Under the MiFIR review, responsibility for reporting OTC transactions shifts from SIs to Designated Publishing Entities (DPEs), addressing the previous dynamic where investment firms opted into SI status to report trades for clients and, where they were not dealing on own account on a systematic basis, faced disproportionate requirements. National competent authorities can grant DPE status to investment firms, and DPEs that are party to a transaction must publish it via an approved publication arrangement (APA); ESMA maintains a public register of DPEs by financial instrument class. ESMA has also indicated that the mandatory SI regime will no longer apply from 1 February 2025 and investment firms will not need to perform the SI test, although firms can continue to opt into the SI regime.
European Securities and Markets Authority 2025-01-24
European Securities and Markets Authority confirms DPE-led OTC transparency reporting from 3 February 2025 and ends quarterly systematic internaliser data publication
The European Securities and Markets Authority (ESMA) announced that the new regime for reporting over-the-counter (OTC) transactions for post-trade transparency will be fully operational on 3 February 2025, with reporting responsibilities shifting from systematic internalisers (SIs) to Designated Publishing Entities (DPEs). ESMA has ceased the quarterly publication of SI data and stated that the mandatory SI regime will end on 1 February 2025, though firms may still opt into the regime voluntarily.