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The European Securities and Markets Authority (ESMA) has issued a consultation paper (CP) aimed at gathering stakeholders’ feedback on new proposed guidance on how trading venues should communicate with market participants in case of an outage.

The CP sets out ESMA’s expectations on how National Competent Authorities (NCA) should ensure that trading venues have appropriate communication protocols in place ensuring the communication to members and participants and the public during an outage.

In addition, the CP includes ESMA’s guidance on how NCAs should ensure that trading venues have arrangements in place to avoid that an outage affects the closing auction, and, where an outage prevents the trading venue from running the closing auction, to ensure that the market is provided with an official closing price.

It also seeks feedback from stakeholder on measures that a trading venue should have in place to ensure that it has the ability to run its closing auction and on whether the lack of a reference price raises any concern in an outage context.

Finally, the CP covers outages on non-equity markets.

Feedback given about the CP will be published in a final report, scheduled for Q1 2023.

More details.

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