Recital 2

(2)Over the last years, the trading landscape in the Union has changed considerably with the proliferation of trading venues. Such proliferation poses important supervisory challenges, as trading in financial instruments frequently takes place across multiple venues and across borders in the Union. That heightens the risk that market abuse practices involve multiple trading venues located in different Member States. To address that challenge, Article 25a of Regulation (EU) No 596/2014 requires competent authorities supervising trading venues with a significant cross-border dimension to set up a mechanism to exchange on an ongoing basis order data on financial instruments obtained from those trading venues in accordance with Article 25 of Regulation (EU) No 600/2014 of the European Parliament and of the Council ⁴ . Pursuant to Article 25a of Regulation (EU) No 596/2014, at a first stage, by 5 June 2026, competent authorities are required to set up a mechanism to allow for the ongoing and timely exchange of order data on shares. At a second stage, by 5 June 2028, that mechanism is to be extended to also cover order data on bonds and futures. Article 25a(7) of Regulation (EU) No 596/2014 empowers the Commission to establish a list of designated trading venues that have a significant cross-border dimension in the supervision of market abuse. Based on a data analysis of the European Securities and Markets Authority (‘ESMA’), and taking into account the criteria set out in Article 25a(7) of Regulation (EU) No 596/2014, the Commission has identified the trading venues that have a significant cross-border dimension in the supervision of market abuse with regard to shares. Delegated Regulation (EU) 2016/522 should be amended to include the list of those identified trading venues.