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DCE is included in the positive list of transparency assessment after ESMA transactions

Fang submitted 2020-10-25 10:41:20

Recently, Dalian Commodity Exchange ("DCE") has been included in the positive list of post-trade transparency assessments of third-country trading venues updated by the European Securities and Markets Administration (ESMA). This will provide more convenience for EU investors to participate in the DCE market.

In June of this year, ESMA released the "Evaluation Checklist on the Post-transaction Transparency Mechanism of Third-country Trading Venue (TcTV)." EU investment companies participate in transactions in third-country trading venues that are positively rated on the list, there is no need to conduct additional post-transaction information disclosure through the "Approved Publication Arrangement" (Approved Publication Arrangement, APA).

In order to improve market transparency, the "Financial Instrument Market Guidance" (MiFID II) implemented in 2018 has expanded the scope of the post-transaction transparency management system. The ESMA opinion believes that the post-transaction transparency obligations stipulated in MiFID II should also apply to transactions concluded by EU investment companies in trading venues outside the EU (TcTV), and the reporting obligations shall be borne by EU investment companies. However, when the ESMA assesses that TcTV meets certain objective standards, EU investment companies can be exempted from the obligation to submit transparency report after transaction. According to ESMA's recent evaluation opinions, DCE fully meets the relevant standards and has been included in the newly released list of positive post-transaction assessments of third-country trading venues, which will provide more convenience for EU investors to participate in the DCE market.

In recent years, under the correct leadership of the China Securities Regulatory Commission, DCE has continuously explored international development paths, actively benchmarked against international industry standards, optimized various rules and systems such as trading, settlement, and delivery, and facilitated foreign investors to participate in the market. In the future, DCE will continue to deepen its international business development, continue to improve infrastructure construction, increase overseas market promotion, continue to improve its service capabilities for domestic and foreign investors and international market influence, and serve the new pattern of opening up of China’s financial market.

今年6月,ESMA发布了“关于第三国交易场所(Third-country Trading Venue,TcTV)交易后透明度机制评价清单”,欧盟的投资公司参与该清单上正面评价的第三国交易场所的交易,无需通过“获批准的发布主体”(Approved Publication Arrangement, APA)另行开展交易后信息披露。
为提高市场透明度,实施于2018年的《金融工具市场指导》(MiFID II)扩大了交易后透明度管理体制的适用对象。ESMA意见认为,MiFID II中规定的交易后透明度义务也应适用于欧盟投资公司在欧盟以外的交易场所(TcTV)达成的交易,报送义务由欧盟投资公司承担。但在经ESMA评估TcTV符合一定的客观标准时,欧盟投资公司可免除在该TcTV交易的交易后透明度报送义务。根据ESMA近期评估意见,大商所全面满足相关标准,已被纳入最新发布的第三国交易场所交易后透明度评估正面清单,将为欧盟投资者参与大商所市场提供更多便利。

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