Trading Venues with the Highest Turnover for Bonds - for CSDR Cash Penalties Calculation
For the purpose of the calculation of cash penalties under Regulation (EU) No 909/2014 (CSDR), the Delegated Regulation (EU) 2017/389 requires CSDs to determine the market value of financial instruments to be used as a reference price. In the case of debt instruments admitted to trading on a trading venue within the Union, point b) of Article 7 of Delegated Regulation (EU) 2017/389 imposes the use of the closing price derived from the trading venue within the Union with the highest turnover.
ESMA, upon request from market participants, has decided on a voluntary and best effort basis to perform and to publish the following calculation:
- ESMA will publish reports on a quarterly basis, covering data from the previous quarter;
- For each ISIN, the trading venue (identified by the MiFIR MIC) that recorded the highest volume traded over the observation period is selected;
- In case of equal volume traded among two or more MICs, the trading venue with the most trades is then selected.
Under the section “Current data on the trading venues with the highest turnover for bonds” the files with the calculations based on the most recent period will be published, while under the section “Historical data on the trading venues with the highest turnover for bonds” the previously published files based on previous periods will be available.
Current data on the trading venues with the highest turnover for bonds
- Data for 2024 Q1 (from 01/01/2024 to 31/03/2024)
Historical data on the trading venues with the highest turnover for bonds
- Data for 2023 Q4 (from 01/10/2023 to 31/12/2023)
- Data for 2023 Q3 (from 01/07/2023 to 30/09/2023)
- Data for 2023 Q2 (from 01/04/2023 to 30/06/2023)
- Data for 2023 Q1 (from 01/01/2023 to 31/03/2023)
- Data for 2022 Q4 (from 01/10/2022 to 31/12/2022)
- Data for 2022 Q3 (from 01/07/2022 to 30/09/2022)
- Data for 2022 Q2 (from 01/04/2022 to 30/06/2022)
- Data for 2022 Q1 (from 01/01/2022 to 31/03/2022)
- Data for 2021 Q4 (from 01/10/2021 to 31/12/2021)
Template report
This template report covers data (as of 19 November 2021) for 2021 Q3 (from 01/07/2021 to 30/09/2021).
Purpose and information on the publication
The information published by ESMA may be used by CSDs for the purpose of the calculation of cash penalties for bonds. For the purpose of the application of point b) of Article 7 of Delegated Regulation (EU) 2017/389, CSDs may use the closing price derived from the trading venue within the Union with the highest turnover for the bonds in respect of which ESMA publishes the relevant information (even if the respective bonds may not have traded recently).
For the financial instruments referred to in point b) of Article 7 of Delegated Regulation (EU) 2017/389 not included in this publication (e.g. in case ESMA does not have the data for the respective financial instruments or in case the financial instruments were not traded on a trading venue during the period covered by the publication), CSDs may base their calculation of cash penalties on data from other sources (e.g. data vendors).
The information published by ESMA covers exclusively Bond instruments (except for Exchange Traded Commodities and Exchange Traded Notes), that are publicly available for trading on EEA trading venues under Directive 2014/65/EU (MiFID II) and Regulation (EU) No 600/2014 (MiFIR) during the period of analysis.
ESMA is aware that a high level of data quality is crucial. Therefore, this publication includes only bonds which passed various data quality measures to ensure a high level of completeness and data quality. Furthermore, ESMA performed additional quality checks when relevant regulatory information was at its disposal.
Disclaimer
The publication of the information on this website does not prejudice the results of verifications on the completeness and correctness of the transposition of EU law into national law.
This database contains also data related to European Economic Area (EEA) / European Free Trade Association (EFTA) States based on the submissions received by ESMA, the publication of which does not affect the status of incorporation of relevant EU law into the EEA Agreement and any related legal consequences.
ESMA publishes the information with utmost care and to the best of its ability. Given the scope and complexity of this project, and in particular the dependence on complete and accurate submissions by reporting entities, ESMA is not able to provide any representation or warranty that the available content is complete, accurate or up to date.
In addition to the above provisions, attention is also drawn to the Legal Notice on the ESMA website.