EC proposes MAR amendments on market manipulation indicators and defines scope of new order data exchange mechanism

The European Commission (EC) has launched a consultation on a draft act amending the Delegated Regulation (EU) 2016/522 under the Market Abuse Regulation (MAR). The amendment delivers on two separate actions. The first is the EC mandate to adopt a delegated act establishing a list of designated trading venues that have a significant cross-border dimension for the purposes of exchanging order data in relation to certain financial instruments. This derives from changes to MAR made by the EU Listing Act package, which introduced a new requirement (Article 25a) for national competent authorities to establish a mechanism to allow such exchange of order data and a Commission mandate to produce a list of designated venues. The second is the EC empowerment to clarify indicators of market manipulation (Article 12(5)). The draft act accordingly amends Delegated Regulation (EU) 2016/522 and (i) establishes a list of trading venues with a significant cross-border dimension by inserting a new Annex III, and (ii) updates the existing Annex II to clarify indicators of market manipulation in light of technical developments such as algorithmic trading. The mechanism will be operational in two stages: by 5 June 2026 for share; and by 5 June 2028 for bonds and futures. The draft follows ESMA's technical advice consulted on in December 2024 and is intended to strengthen authorities' ability to detect and enforce market abuse in an increasingly complex trading environment. The deadline for comments is 14 January 2026.

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