EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/8.II:8.II RMs and MTFs
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/8.II
8.II RMs and MTFs
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266866:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Toon alle voetnoten
Voetnoten
Voetnoten
The term ‘system’ encompassed all those markets that were (1) composed of a set of rules and a trading platform (technical system) as well as (2) those that only functioned on the basis of a set of rules (recital 6 MiFID I Directive). A similar definition is in place under MiFID II (recital 7 MIFIR).
See recital 44 MiFID I Directive. For an examination of the term ‘equity’ reference is made to chapter 1(Section IV).
Deze functie is alleen te gebruiken als je bent ingelogd.
Under MiFID I investment firms could conclude (execute) transactions, among other things, by trading through the systems of an RM or MTF.1 MiFID I subjected RMs and MTFs to equity post-trade transparency requirements. As noted above, the term ‘equity’ under MiFID I referred to shares.2 The equity transactions of investment firms as concluded on RMs and MTFs could be published under the MiFID I post-trade transparency requirements for RMs and MTFs, provided that the MiFID I conditions were met.
8.II.1 Equity post-trade transparency obligations8.II.2 Deferral of equity post-trade data publication8.II.3 Concluding remarks