市場透明性データの開示と統合に関するCESRのガイドラインと提言—動き始めたMiFIDレベル3プロセス—

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1 CESR MiFID 3

2 CESR MiFID 3 EU MiFID CESR MiFID MiFID MiFID EU 2 CESR EU MiFID 3 CESR MiFID MiFID CESR 1

3 CESR MiFID 3 3 MiFID MiFID 3 CESR MiFID MiFID EU The Market in Financial Instrument Directive; MiFID MiFID 2implementing measures CESR MiFID 3 MiFID MiFID EU 2 MiFID CESR EU Baron Alexandre Lamfalussy DIRECTIVE 2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004, on market in financial instruments amending Council Directives 85/611/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. 2 Draft COMISSION DIRECTIVE implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms, and defined terms for the purpose of that Directive, Commission of the European Communities, 6/02/ COMMISSION DIRECTIVE 2006/73/EC of 10 August 2006, implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organizational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. 4 COMISSION REGULATION(EC) No 1287/2006 of 10 August 2006, implementing Directive 2004/39/EC of the European Parliament and of the Council as regards recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purpose of that Directive. 2

4 European Securities Committee :ESC European Securities Regulators Committee :CESR 1 ESC CESR CESR CESR ESC ESC 3 3 EU CESR 4 EU CESR MiFID 2 CESR CESR MiIFD MiFID CESR 3 CESR MiFID 3 CESR 3 MiFID CESR 2 CESR MiFID 3 CESR 2 3 MiFID supervisory convergence 3 5 MiFID 3 MiFID Level 3 Expert Group MiFID 5 PRESS RELEASE CESR consults on its draft work programme for MiFID Level 3 work-ensuring convergence amongst supervisors, 18 July 2007, CESR/

5 CESR 3 CESR MiFID MiFID 3 Ref. CESR/ CESR MiFID 1 2 ) MiFID 25 free provision transitional provision 2 CESR CESR MiFID 65 CESR 1 CESR 6 PUBLIC CONSULTATION CESR Work Programme on MiFID level 3 Work, 18 July 2007, CESR/

6 criteria CESR MiFID Call for Evidence 8 MiFID 2 1 k proportionate requirements MiFID i MiFID MiFID telephone conversation MiFID 21 2 re-examine MiFID MIFID 4 8 Call for Evidence Pre-and post-trade transparency provisions of the Markets in Financial Instruments Directive (MiFID) in relation to transactions in classes of financial instruments other than shares, European Commission, 12 June

7 Committee of European Banking Supervisors, CEBS Committee of European Insurance and Occupational Pensions Supervisors, CEIOPS3 3 3revel3 work 3 CEBS CEIOPS 2 MiFID 3 CRD 3 EU CESR CEBS CEBS standards MiFID 2 3 Undertakings for Collective Investment in Transferable Securities, UCTIS inconsistency CEIOPS 2006 CESR MiFID CESR MiFID 3 Internal governance MiFID overlaps MiFID 2 MiFID CESR CEBS UCITS CEIOPS 6

8 2006 CEBS CESR CEIOPS 2006 CEBS CESR Substitute productscesrceiops CEBS MiFID 3 MiFID 3 transportation workshops CESR implementation fora CESR 1 2 CESR MiFID CP CESR MiFID 3 CESR CESR 2006/ Ref. CESR/06-550b 9 MiFID Level 3 Expert Group2006/2007 Work Programme, 20 October 2006, CESR/550b. 7

9 CESR 10Ref. CESR/ Ref. CESR/06-552c CESR MiFID /2007 CESR MiFID 3 CESR Ref. CESR/ MiFID Ref. CESR/ MiFID 51 3 Ref. CESR/ MiFID /2007 Ref. CESR/550b CESR Ref. CESR/ Ref. CESR/ MiFID Ref. CESR/ MiFID CESR 3 Ref. CESR/ MiFID 51 3 CESR 3 Ref. CESR/07-552c MiFID CESR /2007 MiFID 3 MiFIDMiFID MiFID MiFID 3 CESR Ref. CESR/ PUBLICATION AND CONSOLIDATION OF MiFID MARKET TRANSPARENCY DATAPUBLIC CONSULTATION, October 2006, Ref. CESR/ The List of minimum records in article 51(3) of the MiFID implementing DirectivePublic Consultation, October 2006, Ref. CESR/

10 MiFID MiFID Consultive Working Group 2 CESR 2006/ CESR MiFID CP CESR 12 MiFID CESR 3 CESR Regulated Markets, RM Multilateral Trading System, MTFs MiFID MiFID CESR MTFs MTFs MiFID MiFID EU CESR MiFID CESR 12 PUBLICATION AND CONSOLIDATION OF MiFID MARKET TRANSPARENCY DATA, Level3 CESR s guidelines and recommendations for the consistent implementation of the Directive 2004/39/EC and the European Commission s Regulation n 13 CESR Level 3 Recommendations on the List of minimum records in article 51(3) of the MiFID implementing Directive, February 2007, Ref. CESR/06-552c. 9

11 10 No. No. No. No.MiFID No. No. No. No. No. No. bundling No. structure standards No. No. 1 No. CESR independent cross-check RMMTF RM MTF 14 RMMTF 14 MiFID a

12 11 CESR 2 No. CESR 15RM MTF primary publication channel RMs MTFs MiFID MTF default list MTF OTC CESR No. CESR MiFID CESR trade identifier CESR MiFID MiFID CESR MiFID 15 MiFID 32 b

13 12 1 No. CESR original publication channel. flag proprietary system CESR MTF MTFs by default CESR MTFs MTFs MiFID 3 No. CESR MiFID CESR RMMTF RMsMTFs OTC MiFID 4 No. CESR

14 13 adequate contingency arrangement CESR CESR entities 5 No. b CESR CESR physical form CESR MiFID CESR nonmachine readable websites 6 No.

15 14 RMs,MTFs as close to real time as possible CESR on frequent basis RMsMTFs 3 CESR RMsMTFs MiFID CESR CESR MiFID RMsMTFs 7 No. CESR CESR CESR MiFID CESR CESR 8 No.8 CESR

16 15 RMs MTFs RMs MTFs CESR CESR MiFID RMs MTFs RMs MTFs CESR CESR CESR bundling 9 No.9 CESR RMsMTFs other bundled services RMsMTFs

17 16 reasonable commercial basis MiFID CESR RMs re-sale CESR RMsMTFs 10 No. CESR consistent and structured format RMsMTFs RM MTF structure order sources CESR consistent structure of publication information 2 CESR CESR ISO ISO8601 YYYYMMDD ISO8601 HHMMSS ISO6166

18 17 ISIN 100 ISO42173 ISO Euro EUR ISO10383RMsMTFs MIC SI ISO9362BIC SI acronymsi SI OTC EEA EEA CESR interoperable CESR CESR CESR ISOInternational Standard Organisation ISO CESR ISO ISO EEA CESR RMs MTFs

19 18 CESR 3 No. determined D flagged negotiatedn amendmenta cancellationc RMsMTFs indicator

20 1 3 19

21 20

22 21

23 1 3 CESR

25 24 overlaps MiFID 2 MiFID CESR CEBS UCITS CEIOPS

26 Q Q Q Q Q MiFID 27 Q MiFID MiFID MiFID 21 Q MiFID MiFID MiFID 4 Q MiFID Q / / CESR MTFs RMs Q4/

27 Q MiFID 32 / EU Q MiFID CESR CESR Q1/Q CESR CESR MiFID

28 CESR CESR CESR machine readable Free float Q Q MiFID CESRTechTREM Transactions Reporting Exchange Q42006 Q12007

29 28 Mechanism MTF CESR MiFID CESRTechTREM MiFID super-equivalent requirements CESR standard fields CESR CESR CESRTechTrem IT IT Q Q42006 Q Q2006 Q22007 Q22007

30 29 CESR MiFID MiFID 32 7 MiFID 32 7 MiFID Q42006 Q

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