EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.1.2.2:5.II.1.2.2 Actionable indications of interest

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.1.2.2

5.II.1.2.2 Actionable indications of interest

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS266989:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

MiFID II introduces the requirement that the equity pre-trade transparency obligations also apply to so-called actionable indications of interest.1 An ‘actionable indication of interest’ refers to a message from one member or participant to another within a trading system in relation to available trading interest. The available trading interest contains all necessary information to agree on a trade.2 MiFID I did not make explicit that the MiFID I equity pre-trade transparency obligations applied to actionable indications of interest.3

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Art. 3(1) MiFIR. An ‘actionable indication of interest’ means a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade (art. 4(1)(33) MiFIR).

Art. 4(1)(33) MiFIR. In drafting MiFID II, most respondents to the ESMA consultation noted they agreed with the binding nature of an actionable indication of interest (ESMA, Consultation Paper: MiFID II/MiFIR, December 2014(ESMA/2014/1570), p. 49).

CESR, MiFID I Review, July 2010(CESR/10-802), p. 17.