Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.II.1.2.3
4.II.1.2.3 Traded in the system
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267288:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
Art. 4(14-15) MiFID I.
Recital 6 MiFID I. Consider, for example, the situation where the rules of an RM or MTF allow a trade to be negotiated privately between participants of the RM/MTF. The negotiated trade falls within the ‘system’ of the RM/MTF, since it takes place under the RM/MTF rules. Reference is made to ESMA, CESR positions and ESMA opinions: Waivers from Pre-trade Transparency, 20 June 2016(ESMA/2011/241h), p. 22.
The MiFID I pre-trade transparency requirements for RMs and MTFs applied to transactions in shares admitted to trading on an RM that were traded in the system of the RM or MTF in question. This follows from the MiFID I definitions of RM and MTFs, which refers to a ‘system’.1 The MiFID I term ‘system’ encompassed all those markets that are (1) composed of a set of rules and a trading platform (e.g. electronic system), as well as (2) those that only functioned on the basis of a set of rules.2