What changed between the draft committee report and the plenary report

Added:(i) for lit continuous trading protocols, the prices of the five best bids and offers with corresponding volumes available at those prices;

Removed:Article 1 – paragraph 6 b (new), Article 13 – paragraphs 1 and 2: (6b) Article 13 is replaced by the following: / ‘Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis / 1. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make the information published in accordance with Article 3 and Article 4, Articles 6 to 11, and Articles 14, 20, 21, 27g and 27h, available to the public on a reasonable commercial basis and ensure non-discriminatory access to the information. Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make such information available free of charge 15 minutes after publication. / 2. Providing data on a reasonable commercial basis means that the price of market data shall be based on the cost of producing and disseminating such data and may include a reasonable margin. / 2a. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall, upon request, provide the competent authorities and ESMA with information on the actual costs of producing and disseminating market data including the margins.’;

Added:(ia) for auction systems, the price at which the trading algorithm would be best satisfied and the volume potentially executed at that price by participants in that system;

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20220101)

Added:(ii) for all price-forming trades across all trading mechanisms, the transaction price and volume executed, the transaction time, the trading protocol, applicable waivers and deferrals;

Removed:Introducing a single RCB provision which applies to all data contributors, including the CTPs (to put all the data providers on a level playing field and to avoid that we create a new source of high data cost). It also specifies at level 1 that RCB means ‘on a cost basis’, and empowers ESMA to draft RTS further specifying the related obligations. Empowering NCAs and ESMA to request information to data provider on the actual cost of market data is not intended to introduce price controls, but to better understand the pricing of market data and to assess whether market data is provided on an RCB.

Added:(iii) the intra-day auction information;

Removed:Regulation (EU) No 600/2014

Added:(iv) the end-of-day auction information;

Removed:Article 1 – paragraph 7, Article 13 – paragraph 3: 3. ESMA shall develop draft regulatory technical standards to / (a) specify what constitutes a reasonable commercial basis, as well as the content, format and terminology of the reasonable commercial basis information that trading venues, APAs, CTPs and systematic internalisers have to make available to the public; and / (b) specify the frequency, contact details and format of the information to be provided to the competent authorities and ESMA in accordance with paragraph 3. / ESMA shall submit those draft regulatory technical standards to the Commission by ... [nine months after the date of entry into force of this amending Regulation].

Added:(v) the market identifier code identifying the execution venue;

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20220101)

Added:(vi) the standardised instrument identifier that applies across venues;

Removed:Introducing a single RCB provision which applies to all data contributors, including the CTPs (to put all the data providers on a level playing field and to avoid that we create a new source of high data cost). It also specifies at level 1 that RCB means ‘on a cost basis’, and empowers ESMA to draft RTS further specifying the related obligations. Empowering NCAs and ESMA to request information to data provider on the actual cost of market data is not intended to introduce price controls, but to better understand the pricing of market data and to assess whether market data is provided on an RCB.

Added:(vii) the timestamp information on all of the following:

Removed:Regulation (EU) No 600/2014

Added:- the venue’s time of execution of the trade or of an amendment to the best bid or offer price or volume, an amendment to the indicative price or volume, and amendment to the trading status of an instrument;

Removed:Article 1 – paragraph 8 – point a, Article 14 – paragraph 2: 2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to the threshold determined by ESMA in accordance with Article 4(6)(ea). Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above that threshold.

Added:- the venue’s time of publication of the elements listed in the first indent;

Removed:Empowering ESMA to define the threshold above which the SI requirements no longer apply. This would provide more flexibility than the Commission proposal which sets the threshold at twice the standard market size. A maximum threshold of 2xSMS is also defined at Level 1.

Added:- any change to the trading status of an instrument or segment;

Removed:Regulation (EU) No 600/2014

Added:- the receipt of market data by the consolidated tape provider;

Removed:Article 1 – paragraph 8 – point a, Article 14 – paragraph 3: 3. Systematic internalisers' minimum quoting size shall be determined by ESMA and shall be lower than the threshold determined in accordance with Article 4(6)(ea). For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to the threshold determined by ESMA in accordance with Article 4(6)(ea). The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.;

Added:- the dissemination of consolidated market data to subscribers by the consolidated tape provider;

Removed:Same as above. First sentence is removed to enhance legal clarity, as in contrast with the proposed setting of a minimum quoting size.

Added:(viii) the trading protocols and the applicable waivers or deferrals;

Removed:Regulation (EU) No 600/2014

Added:(b) all of the following data on non-equity instruments:

Removed:Article 1 – paragraph 8 – point b, Article 14 - paragraph 6 a (new): deleted / (deleted)

Added:(i) the transaction price and quantity/size executed at the stated price;

Removed:With the changes above and to Article 17a, this paragraph is no longer relevant.

Added:(ii) the market identifier code identifying the execution venue;

Removed:Regulation (EU) No 600/2014

Added:(iii) standardised instrument identifier that applies across venues;

Removed:Article 1 – paragraph 8 – point b a (new), Article 14 – paragraph 7 – subparagraph 1: (ba) in paragraph 7, the first subparagraph is replaced by the following: / ‘In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify further the arrangements for the publication of a firm quote as referred to in paragraph 1, the determination of the minimum quoting sizes as referred to in paragraph 3, and of the standard market size as referred to in paragraph 4.’;

Added:(iv) the timestamp information on all of the following:

Removed:(02014R0600-20220101)

Added:- the time of execution of the trade;

Removed:Regulation (EU) No 600/2014

Added:- the time of publication of the trade;

Removed:Article 1 – paragraph 9, Article 17a - paragraph 2: 2. The application of the tick sizes set in accordance with Article 49 of Directive 2014/65/EU shall not prevent systematic internalisers from matching orders at mid-point within the current bid and offer prices for sizes above the threshold determined by ESMA in accordance with Article 4(6)(ea).’;

Added:- the receipt of market data from the market data contributors;

Removed:The amendments introduces a certain size to be defined by ESMA below which midpoint matching will be prohibited for both systematic internalisers and trading venues. The changes will allow midpoint matching to happen above this size ('a certain size to be defined by ESMA') for both on- and off-venue trading. This should ensure that EU SIs maintain their competitiveness, and brings the EU closer to alignment with third-countries’ provisions in this respect.

Added:- the receipt of market data at the consolidator’s aggregation/consolidation mechanism;

Removed:Regulation (EU) No 600/2014

Added:- the dissemination of consolidated market data to subscribers;

Removed:Article 1 – paragraph 9 a (new), Article 18: (9a) Article 18 is replaced by the following: / ‘Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives / 1. Investment firms shall make public firm quotes in respect of bonds, structured finance products, emission allowances traded on a trading venue and derivatives subject to the clearing obligation set out in Article 4 of Regulation (EU) No 648/2012, for which they are systematic internalisers and for which there is a liquid market when the following conditions are fulfilled: / (deleted) / 3. Systematic internalisers may update their quotes at any time. / 4. Member States shall require that firms that meet the definition of systematic internalisers notify their competent authority, specifying the financial instruments for which they meet the definition of systematic internaliser. Such notification shall be transmitted to ESMA within one working day. / ESMA shall establish a register of all systematic internalisers in the Union, including the details of systematic internalisers at the level of an individual financial instrument. That list shall be updated by ESMA without delay and within one working day of the competent authority transmitting to it a notification in accordance with the first subparagraph. / (deleted) / (deleted) / (deleted) / 7. Systematic internalisers shall not be subject to this Article when they deal in sizes that are large in scale compared with…

Added:(v) the trading protocols and the applicable waivers or deferrals;

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20220101)

Added:(36c) ‘regulatory data’ means data related to the status of systems matching orders in financial instruments, including information about circuit breakers, trading halts, and opening and closing prices of those financial instruments;

Removed:The transparency regime for non-equity SIs under the current Article 18 has revealed to be complex to implement and without clear impact on the transparency of SIs. This was reported by both market participants and supervisors.The amendment put forward the following modifications: :- paragraph 2: The obligation to provide quotes in illiquid on demand has revealed of limited value (not used in practice) and the proposed deletion would allow streamlining the regime;- paragraph 3: delete the reference to exceptional circumstances and allow SIs to withdraw their quotes at any point in time.- paragraphs 5-7: In practice, the regime includes too many safeguards which allows SIs to make these provisions redundant. If market participants might be interested to be made aware about the quotes provided by SIs (paragraph 1), they are less interested in trading directly at this price (OTC trading in non-equity instruments should reflect “the specific characteristics of the transaction contemplated, including in illiquid instruments and complex transactions, and of the requesting client”). The general practice is, in case a client also wants to trade in a quoted instrument, to prompt a new request to the SI.- paragraph 8 would have to be amended accordingly if the previous paragraphs are deleted/amended as suggested.In line with the principles underlying changes to Article 8 and 9 (removal of RFQ and voice-trading protocol), MEPs may want to consider whether Article 18 should be removed entirely (with the exception of paragraph 3 and possibly 5).

Added:(36d) ‘market operator group’ means an undertaking or a group that owns or controls two or more market operators within the Union;’;

Removed:Regulation (EU) No 600/2014

Added:(3) Article 4 is amended as follows:

Removed:Article 1 – paragraph 9 b (new), Article 19 - paragraph 2: (9b) in Article 19, paragraph 2 is deleted. / (deleted)

Added:▌

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20220101)

Added:(b) in paragraph 2, the first subparagraph is replaced by the following:

Removed:Deleted in line with changes to Article 18.