Germany – BaFin Post-Trade Transparency

Germany – BaFin Post-Trade Transparency

On 17 December 2019, GE BaFin issued rules on MiFIR post-trade transparency.

  • BaFin extended current transparency regime for a further year, until 1 January 2020.

Overview

  • MiFIR requires post-trade reporting in real-time/as quickly as technically possible.
  • But allows national supervisory authorities to authorize publication at a later date.
  • In January 2018, BaFin allowed publication at a later date.
  • The regime was due to end 1 January 2019, but is now extended until 1 January 2020.

Decrees

  • General decree authorizing the subsequent publication of transactions in non-equity instruments in trading venues operated by an investment services enterprise.
  • General decree authorizing the subsequent publication of OTC non-equity instruments by investment services firms.
  • General decree permitting the subsequent publication of equity instrument transactions in trading venues operated by an investment services enterprise.

December 2019 Extension

  • On 17 December 2019, GE BaFin extended current regime for extra year until 1 January 2021.
  • Published general decree allowing the later publication of transactions in non-equity instruments on trading venues operated by an investment services company.
  • General decree to allow later publication of OTC transactions in non-equity instruments by investment services companies.
  • General decree allowing the later publication of transactions in equity instruments on trading venues operated by an investment services company, all in effect 2 January 2020.