EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.3.1:5.VII.1.3.1 ESMA key proposals and observations

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VII.1.3.1

5.VII.1.3.1 ESMA key proposals and observations

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As examined in section II above, frequent batch auctions are a new type of periodic auction trading system. Frequent batch auctions started gaining momentum with the application of MiFID II, in particular following the first suspension of trading under the double volume cap.1 Most frequent batch auctions do not operate under an RM/MTF waiver and apply the MiFID II equity pre-trade transparency requirements for ‘periodic auction trading systems’.2 ESMA takes a stricter approach in the ESMA MiFID II Review than in the ESMA opinion of 2019.

5.VII.1.3.1.1 Initial position: ESMA opinion of 20195.VII.1.3.1.2 ESMA MiFID II Review of 2020

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