Recital 10

(10) To ensure an adequate level of transparency, the price and the volume of transactions executed in respect of bonds, structured finance products and emission allowances should be made public as close to real time as technically possible. In order not to expose liquidity providers in such transactions to undue risk, it should be possible to defer the publication of certain details of the transactions. The categories of transactions for which deferrals are allowed should be determined taking into account the size of the transactions and the liquidity of the financial instruments concerned. The exact details of the deferral regime should be determined by means of regulatory technical standards, which should be regularly reviewed in order to gradually decrease the applicable deferral duration. For the purpose of having a more stable transparency regime, a static determination of liquidity for bonds, structured finance products and emission allowances, or classes thereof, is needed. The draft regulatory technical standards developed by ESMA should specify which issuance sizes correspond to a liquid or illiquid market in bonds, or classes thereof, until their maturity, from which transaction size in either a liquid or illiquid bond a deferral can be applied, and the duration of such a deferral in accordance with this Regulation. In order to have an appropriate level of transparency for covered bonds, it is appropriate for the issuance size of such bonds to be determined in accordance with the criteria laid down in Commission Delegated Regulation (EU) 2015/61 (8). With regard to structured finance products and emission allowances, ESMA should develop draft regulatory technical standards to determine the instruments or the classes that have a liquid or illiquid market. ESMA should establish the applicable categories and the duration of the deferrals. It is appropriate for ESMA to also apply the determination of liquid and illiquid markets in bonds, emission allowances and structured finance products to the pre-trade transparency waiver. It is not appropriate for that determination to rely on frequent assessments. Competent authorities should have the power to extend the period of deferred publication of the details of transactions executed in respect of the sovereign debt instruments issued by their respective Member State. It is appropriate for such an extension to be applicable throughout the Union. With regard to transactions in sovereign debt instruments not issued by Members States, decisions on such extensions should be taken by ESMA.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.