Germany's Federal Financial Supervisory Authority (BaFin) issued a general administrative order permitting an additional postponement of post-trade transparency for transactions in debt securities issued by the Federal Republic of Germany, so that the volume of individual trades can be published at the end of the relevant trading day. The permission applies to Federal Republic of Germany debt securities classified as Group 1 under Commission Delegated Regulation (EU) 2017/583 (RTS 2) Annex III Table 2.2, for category 1 trades (medium-sized transactions in liquid instruments) under Annex III Table 2.6. BaFin links the measure to MiFIR Article 11(3)(a) and an EU-wide coordination effort, noting that the European Securities and Markets Authority adopted a decision on 19 February 2026 to grant comparable deferrals for public debt securities not issued by an EU Member State. The order becomes effective on 4 May 2026, can be revoked by BaFin with future effect, and is deemed notified on the day after its public announcement; objections may be filed within one month of notification.
BaFin 2026-04-16
Germany's Federal Financial Supervisory Authority allows end-of-day deferral of post-trade volume disclosure for German government debt securities
BaFin has issued a general administrative order allowing an additional postponement of post-trade transparency for medium-sized transactions in liquid Federal Republic of Germany debt securities, so trade volumes may be published at the end of the trading day. The measure applies to Group 1 Federal Republic of Germany debt securities under Commission Delegated Regulation (EU) 2017/583 (RTS 2) and is linked to Article 11(3)(a) of the Markets in Financial Instruments Regulation and an EU-wide coordination effort following a related ESMA decision.