Regulatory Alerts2023-05-24
ESMA Final Report on Market Outages
The European Securities and Markets Authority (ESMA) issued a final opinion requiring National Competent Authorities to ensure trading venues maintain robust outage plans and standardized communication protocols during system disruptions. The guidance mandates that venues provide immediate public notices, regular status updates, and machine-readable order status information to minimize market uncertainty and facilitate orderly trading resumption. Additionally, the report specifies procedures for managing closing auctions and reference prices during outages, with specific considerations for non-equity trading venues.
Share