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+Article 74 4. |
Article 74 4.Upon the request of the Commission, ESMA shall provide a cost-benefit analysis of the introduction of the mandatory buy-in process. Such cost-benefit analysis shall consist of the following elements:
(a)
the average duration of settlement fails with respect to the financial instruments or categories of transactions in those financial instruments to which mandatory buy-ins could apply;
(b)
the impact of the introduction of the mandatory buy-in process on the Union market, including an assessment of the underlying causes of the settlement fails to which mandatory buy-ins could apply and an analysis of the implications of subjecting specific financial instruments and categories of transactions to mandatory buy-ins;
(c)
the application of a similar buy-in process in comparable third-country markets and the impact on the competitiveness of the Union market;
(d)
any clear impact on financial stability in the Union stemming from settlement fails;
(e)
any clear impact on fragmentation of the Union’s capital markets stemming from diverging settlement efficiency rates, including the reasons for such divergence and appropriate measures to limit it. 1. Übersicht
1.1 Referenzen1.2 Identifizierte Anforderungen1.3 Zugehörige Standards2. Identifizierte Anforderungen
3. Zugehörige Standards
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