Towards a DLT Pilot Regime

AuthorGiulia Ferraris


Giulia Ferraris is a Senior policy officer at the European Securities and Markets Authority (ESMA). At ESMA Giulia works in the Data Reporting Unit on issues relating to MiFIR data and digital finance. Her main responsibilities are the implementation of the DLT Pilot regime as well as the preparations for the set-up of Consolidated Tape Providers (CTP) under the upcoming MiFIR review. Prior to joining ESMA, Giulia was a manager at the Association for Financial Markets in Europe (AFME), a London based trade body representing major wholesale players in the European financial markets.


This comprehensive presentation offers a detailed exploration of the EU Regulation on a pilot regime for market infrastructures founded on distributed ledger technology (DLT), while simultaneously shedding light on the crucial role of the European Securities and Markets Authority (ESMA) within this framework.

The proposed EU Regulation seeks to establish a pilot regime specifically designed for market infrastructures that leverage distributed ledger technology. This groundbreaking initiative aims to foster innovation and enhance the efficiency, transparency, and resilience of financial markets within the European Union.

Furthermore, we will explore the pivotal role played by ESMA within this regulatory framework. As the European Union's independent authority for securities markets, ESMA is entrusted with various responsibilities under the proposed pilot regime. These include supervisory oversight, regulatory enforcement, and the promotion of consistent application and interpretation of the regulation across EU member states.

Moreover, this presentation will examine ESMA's role in facilitating the authorization process for market infrastructures, ensuring compliance with regulatory requirements, and monitoring the ongoing operations of these entities. Additionally, we will discuss ESMA's collaboration with other national competent authorities to establish harmonized practices and share best practices in relation to DLT-based market infrastructures.

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