The Spanish Securities Commission (CNMV) has agreed to allow the volume of certain transactions in Spanish sovereign debt to be withheld from post-trade publication until the end of the trading day, using the deferral option in Article 11(3) of the Markets in Financial Instruments Regulation (MiFIR). The measure applies to trades in Spanish sovereign bonds classified as Category 1 (medium-sized transactions in liquid bonds) within Group 1, as defined in Table 2.6 of Annex III to Commission Delegated Regulation (EU) 2017/583. CNMV also reminded market participants that once the applicable deferral period has elapsed, all transaction details must be published. The decision takes effect on 4 May 2026. The CNMV noted that the approach aligns with the European Sovereign Debt Markets subcommittee’s opinion and the position taken by most national competent authorities, and referenced ESMA’s published overview of deferrals permitted across EU authorities.
Spanish Securities Commission (CNMV) 2026-02-26
Spanish Securities Commission authorises end-of-day deferral of trade volume publication for certain Spanish sovereign bonds from 4 May 2026
The Spanish Securities Commission (CNMV) will allow deferral of post-trade publication for certain Spanish sovereign debt transactions until the end of the trading day, under Article 11(3) of the Markets in Financial Instruments Regulation (MiFIR). This applies to Category 1 trades in liquid bonds as per EU regulations. The decision, effective 4 May 2026, aligns with the European Sovereign Debt Markets subcommittee and other national authorities.