Summary Trade Reports.
Dear European Securities and Markets Authority,
Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:
I would like access to any documents, including digital (Transaction Reporting Exchange Mechanism (TREM)), that include trade transaction summaries of the following securities that took place in Ireland in the month of January 2021, and February 2021, Financial Instruments : ISIN: US36467W1099; ISIN: US00165C1045
IRISH TRADING VENUE: MIC CODE: LEUE
The summary should include the name of the Financial Instrument, the price executed at, volume, timestamp and trading venue.
As these data points are not confidential as they are mandated to be made public by virtue of Article 6 EU Regulation 600/2014, they are not privy to Professional Secrecy Article 76 MIFID II, See: “Principles for the assessment of confidentiality and professional secrecy”, European Banking Authority, 5 May 20
https://www.eba.europa.eu/sites/default/...
Any, and all redactions are welcome that do not identify anyone else other than the data points requested which were mandated to be made public.
Thank you very much for your assistance with this matter.
Yours faithfully,
Bryan James
Dear sender,
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Best regards,
ESMA
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Dear sender,
Thank you for your message and interest in ESMA. Your input is highly
valued, and we have taken note of the points raised. ESMA endeavours to
reply within two months to factual queries received.
More information on ESMA’s investor protection work is available on our
webpage: [1]https://www.esma.europa.eu/investor-corn....
You will find an overview of answers to previous questions relating to the
application and implementation of legislative acts within ESMA’s remit on
our dedicated webpage:
[2]https://www.esma.europa.eu/publications-....
Please note that ESMA does not provide legal or investment advice. We are
also aware that ESMA's name and logo are falsely used to promote frauds
and scams. These aim to illegally obtain money directly or through the
request for personal details. If you have received such communication, we
encourage you to cease all interactions with your correspondent and to
report your case to domestic law enforcement authorities (such as your
local police force).
Best regards,
ESMA
Any email from the European Securities and Markets Authority (ESMA) is
sent in good faith, but shall neither be binding nor construed as
constituting a commitment by ESMA except where provided for in a written
agreement. This email is intended only for the use of the recipient(s)
named above. Any unauthorised disclosure, use or dissemination, either in
whole or in part, is prohibited. If you have received this email in error,
please notify the sender immediately via email and delete this email from
your system.
This communication and any attachments may contain personal information.
ESMA processes personal data in line with Regulation (EU) 2018/1725 and
Decision ESMA40-133-716. For more information, please see ESMA's Data
Protection Statement on [3]https://www.esma.europa.eu/data-protection. In
case of queries, please consult ESMA's Data Protection Officer
([4][email address]). You may also contact the European Data Protection
Supervisor ([5][email address]).
Please consider the environment before printing this email.
References
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2. https://www.esma.europa.eu/publications-...
3. https://www.esma.europa.eu/data-protection
4. mailto:[email address]
5. mailto:[email address]
Dear Mr James,
We acknowledge receipt of your message and will get back to you in due
course.
Please be informed that the European Securities and Markets Authority will
be closed for the Christmas break until 3 January 2024. The deadline to
respond will take into account this break.
With kind regards
ESMA
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Dear Bryan James,
We would like to refer you to the request for access to documents you
filed pursuant to Regulation (EC) No 1049/2001 on 21 December 2023 by
which you requested ESMA to provide you with access "[...] to any
documents, including digital (Transaction Reporting Exchange Mechanism
(TREM)), that include trade transaction summaries of the following
securities that took place in Ireland in the month of January 2021, and
February 2021, Financial Instruments : ISIN: US36467W1099; ISIN:
US00165C1045 IRISH TRADING VENUE: MIC CODE: LEUE".
Firstly, please note that the TREM system does not contain, by virtue of
its nature, any trade transaction summaries in general and, therefore, of
the securities you referred to in your request. More generally, ESMA is
not in possession of any other documents falling within the scope of your
request.
In this regard, we would like to draw your attention to Article 6(1) of
Regulation (EU) No 600/2014 you specifically quoted in your message which
states that:
“Market operators and investment firms operating a trading venue shall
make public the price, volume and time of the transactions executed in
respect of shares, depositary receipts, ETFs, certificates and other
similar financial instruments traded on that trading venue. Market
operators and investment firms operating a trading venue shall make
details of all such transactions public as close to real-time as is
technically possible.” [emphasis added].
This provision requires market operators as well as trading venues
themselves, to make public, among other things, the price, volume and
timestamps of transactions in equity instruments, for the purpose of
post-trade transparency. Paragraph 2 of the same Article also provides
that:
“Market operators and investment firms operating a trading venue shall
give access, on reasonable commercial terms and on a non- discriminatory
basis, to the arrangements they employ for making public the information
under paragraph 1 of this Article to investment firms which are obliged to
publish the details of their transactions in shares, depositary receipts,
ETFs, certificates and other similar financial instruments pursuant to
Article 20.” [emphasis added].
Against this background, ESMA does not possess the requested documents.
We trust this response addresses your request in full.
With kind regards
Enrico Gagliardi
Dear Enrico Gagliardi,
Thank you for the response.
My apologies, I believe I have caused some confusion as to the nature of my request. I quoted Article 6 of Reg 600/2014 as reference to the information I was seeking and also to ensure that there was not any confusion as to whether it was confidential or secret information I was seeking. As per the journal passage I provided from the European Banking Authority, if information is in the public domain as per mandated by Article 6 of Reg 600/2014 it cannot be construed as confidential, therefore not withheld because of professional secrecy. I am conducting this research in my role as citizen journalist therefore my rights to information are protected by Article 11 of the European Union Charter of Fundamental Rights. I am acting as watchdog with respect to ensure the data mandated to be made public is accurate.
I know there are vast sums of data and do not want to burden you too much, therefore only require Ireland as a small sample of data for my research purposes.
I am specifically looking for any trade data that may of occurred on the 27th or 28th of January 2021 for the financial instruments listed and the data points included in article 6 regulation 600/2014. Whether the document needs redactions to remove any other information that is fine. The data points in article 6 actually create a summary.
From my research, these securities were on registered on MIC CODE : LEUE at the time. But perhaps there was an oversight and they were registered on MIC CODE : XPOC and XPAC.
I can provide any further explanation as needed.
Thank you for your patience and assistance .
Yours sincerely,
Bryan James
Dear Bryan James,
Thank you very much for clarifying and better framing the scope of your
request. Based on that, note is taken of your intention to get access to
the type of data referred to in Article 6 of Regulation (EU) No 600/2014
and, in particular, to historical, post-trade data with specific ISINs on
indicated Irish trading venues.
We would like to reiterate that these are proprietary data in the
possession of the subjects referred to in this Article and have to be made
publicly available by them. ESMA does not receive such data from trading
venues as the latter are required to submit them to the national competent
authorities (NCAs).
To this end, should you wish to obtain the data as per Article 6 of
Regulation (EU) No 600/2014, we would suggest that you contact the
individual trading venues.
However, we would like to draw your attention to:
• Article 27 of Regulation (EU) No 600/2014 according to which NCAs
transmit reference data to ESMA, that are made publicly available by
ESMA on its website at the following [1]weblink. There you can find
more information about the respective ISINs.
• Article 22 of Regulation (EU) No 600/2014 according to which NCAs
transmit aggregated data to ESMA to perform the transparency
calculations, via FITRS, and the results of which are made publicly
available by ESMA on its website at the following [2]weblink.
With kind regards
Enrico Gagliardi
Dear Enrico Gagliardi,
Thank you for the links, I will check them out.
However, to address a point you made. The information I have sought, cannot be proprietary information if it has been made public. Either the public has a right to information in a democracy, or they don’t, in which case the assertion that we live in democracies is a fallacy.
Just to be clear, you do not have this information ?
Thank you again for your time.
Yours sincerely,
Bryan James
Dear Bryan James,
Indeed we confirm that ESMA does not possess the information/data you
referred to in your request.
Finally, as a last note, we would like to refer you to Article 13(1) of
Regulation (EU) No 600/2014 (to be read in conjunction with Article 6 of
the same Regulation) according to which "Market operators and investment
firms operating a trading venue shall make the information published in
accordance with Articles 3, 4 and 6 to 11 available to the public on a
reasonable commercial basis and ensure non-discriminatory access to the
information. Such information shall be made available free of charge 15
minutes after publication.” [emphasis added].
We trust this addresses your request in full.
With kind regards
Enrico Gagliardi
Dear Enrico Gagliardi,
Thank you for the further information. Apologies for late reply, I needed to digest to the information a bit.
I would like to ask one follow up question in regard to the information you provided .
Does every trading venue have to forward the information listed in Article 6 600/2014, inter alia , to the regulator in the country they’re situated in ? I am of the belief that each transaction executed on a trading venue is sent to the NCA of the country it operates in? Thank you once again for assistance.
Yours sincerely,
Bryan James
Thank you for your email. I am out of office and will be back on Monday,
12 February 2024. For ethics matters, please get in touch with Krista
Zarina ([email address]).
With kind regards
Enrico Gagliardi
Any email from the European Securities and Markets Authority (ESMA) is
sent in good faith, but shall neither be binding nor construed as
constituting a commitment by ESMA except where provided for in a written
agreement. This email is intended only for the use of the recipient(s)
named above. Any unauthorised disclosure, use or dissemination, either in
whole or in part, is prohibited. If you have received this email in error,
please notify the sender immediately via email and delete this email from
your system.
This communication and any attachments may contain personal information.
ESMA processes personal data in line with Regulation (EU) 2018/1725 and
Decision ESMA40-133-716. For more information, please see ESMA's Data
Protection Statement on [1]https://www.esma.europa.eu/data-protection. In
case of queries, please consult ESMA's Data Protection Officer
([2][email address]). You may also contact the European Data Protection
Supervisor ([3][email address]).
Please consider the environment before printing this email.
References
Visible links
1. https://www.esma.europa.eu/data-protection
2. mailto:[email address]
3. mailto:[email address]
Dear Bryan James,
We acknowledge receipt of your request for information which has been forwarded to the relevant Department. Colleagues will get back to you in due course.
With kind regards
Enrico Gagliardi
Dear Mr James,
Regarding your question on the information listed in Article 6 of
Regulation (EU) 600/2014 (MiFIR)and whether trading venue should forward
such information to the national competent authority, please note that
Article 6 does not require trading venues to report such information to
national competent authorities, but rather imposes an obligation of
publishing such data. Furthermore, according to Article 13 of MiFIR
trading venues are required to make post-trade transparency data available
free of charge 15 minutes after publication. You should be able to find
this information on the websites of trading venues. Please note that
certain transactions may benefit from a deferral period prior to
publication as specified in Article 7 of MiFIR. In addition to this, as
you are aware, according to Article 26 of MiFIR, trading venues have the
obligation to report the details of transactions in financial instruments
to national competent authorities. Such data is though confidential and
not publicly available.
Kind regards,
Federica Cerruti
Policy Officer
Trading Unit
[1][IMG] Markets and Digital Innovation Department
201-203 rue de Bercy, 75012 Paris - France
Tel: +33 (0)1 58 36 65 69
Email: [2][email address]
[3]www.esma.europa.eu
Dear Federica Cerruti,
Thank you for reply. Data that is already in the public realm cannot be considered confidential per the EU law definition and of most eu member states domestic law . Are you actually taking this time to argue otherwise ? Is this a new policy of arbitrary censorship of the media and the revocation of the Article 11 of fhe Eu charter - freedom of expression and information ? Is the public not allowed to scrutinise whether the data mandated to be made public is being done so accurately ? I’d be grateful for clarification whether EU Charter rights have been revoked.
Thank you
Yours sincerely,
Bryan James
Dear Mr James,
As already clarified, the information on transactions that market operator and investment firms operating a trading venues are required to make public according to Article 6 of MiFIR consists of "price, volume and time of the transactions executed" in equity instruments. You should be able to find this information on the websites of trading venues.
Article 26 of MiFIR requires trading venues to report the details of transactions in financial instruments specified in Article 26(3) of MiFIR to national competent authorities. According to Article 26(3) of MiFIR, the information to be reported includes, among others, "a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction", where personal data are involved. Thus, such data is confidential and not publicly available.
We consider your request addressed in full.
Regards,
Federica Cerruti
Policy Officer
Trading Unit
Markets and Digital Innovation Department
201-203 rue de Bercy, 75012 Paris - France
Tel: +33 (0)1 58 36 65 69
Email: [email address]
http://www.esma.europa.eu/