Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/9.II.1.2.1
9.II.1.2.1 Financial instruments
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267306:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
Art. 6(1) MiFIR. MiFIR notes that the post-trade transparency obligations apply to ‘trading venues’. Under MiFID II a ‘trading venue’ means an RM, MTF, or OTF. As noted, Given OTFs are constrained to non-equity. The reference to ‘trading venues’ in the context of the MiFID II equity post-trade transparency regime therefore only refers to RMs and MTFs (not: OTFs).
ESMA, Consultation Paper: MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares, 4 February 2020(ESMA70-156-2188), p. 10.
Recital 46 MiFID I Directive.
For an examination of equity instruments, including ‘other similar financial instruments’, reference is made to chapter 1(section IV).
The scope of MiFID II is broader than the previous regime (MiFID I). The MiFID I equity post-trade transparency regime was confined to shares admitted to trading on an RM.1 The MiFID II equity post-trade transparency regime for RMs and MTFs applies to (a) shares, depositary receipts, ETFs, certificates and other similar financial instruments (equity) (b) traded on that trading venue (RM or MTF).2 (b) traded on a trading venue (RM or MTF).3 MiFID I was limited to shares admitted to trading on an RM. Under MiFID II all equity trading conducted on RMs and MTFs is now subject to the equity post-trade transparency regime.4
MiFID II covers no Member State option to expand the equity post-trade transparency obligations to other financial instruments than prescribed under MiFID II. The latter was permitted under MiFID I (which was confined to shares).5 A Member State option under MiFID II is not necessary, given that the MiFID II term ‘equity instrument’ also includes ‘other similar financial instruments’.6