Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.II.1.2.1
4.II.1.2.1 Venues
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266566:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
For the sake of clarity, similar MiFID I pre-trade transparency obligations applied to RMs and MTFs. This is not to say that SIs and other investment firms operating outside RMs and MTFs were not subject to MiFID I pre-trade transparency rules (see sections III-IV below). The intention of this paragraph is to focus on the MiFID I pre-trade transparency regime for RMs and MTFs, the latter being a new regulatory classification under MiFID I.
Recital 6 MiFID I.
The scope of MiFID I was broader than the previous regime (ISD). The (limited) ISD pre-trade transparency regime applied only to RMs.1 MiFID I extended the pre-trade transparency obligations for RMs to MTFs.2 MTFs were not a regulatory classification under the ISD. The MiFID I pre-trade transparency obligations for RMs were similar to MTFs. The reason is that RMs and MTFs represented (and still represent) the same organized trading functionality.3