CESR unveils new Mifid technology

CESR announces new Mifid-compliant transaction reporting and internalising systems

BRUSSELS – The Committee of European Securities Regulators (CESR) has unveiled new systems and databases compliant to help meet its Markets in Financial Instruments Directive (Mifid) obligations. CESR aims to facilitate the flow of transaction reports, to publish a list of systemic internalisers, and to encourage market transparency and integrity across the EU.

With CESR’s new transaction reporting system (TREM) up and running, all CESR members are connected, to allow constituent supervisory authorities to monitor investment behaviour and market integrity.

The newly published list of systematic internalisers is designed to give the market information on firms engaged in systemic internalisation in Europe, which will be subject to regular review, in accordance to Article 34 of Mifid.

CESR has admitted its current list is incomplete and that more time is required for the process. This is due to the likelihood that investment firms will decide to become systematic internalisers but be slow to communicate their decisions to the relevant national supervisory bodies under Article 21 of the Directive.

The new Mifid-compliant additions complement the two databases CESR released in July and October this year to aid transparency and market transition to Mifid requirements. Covering all shares trading on the regulated markets, these two databases identified liquid shares and listed identifiers of regulated markets, multilateral trading facilities and other counterparties.