EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.IV.2.3:13.IV.2.3 Timing

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.IV.2.3

13.IV.2.3 Timing

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

SIs are subject to a MiFID II provision requiring the publication of SI quotes on a regular and continuous basis during normal trading hours.1MiFID II provides two mechanisms to ensure the timeliness of the quotes as published through the arrangements of RMs, MTFs, and APAs:

1.

The RM, MTF, and/or APA publishing the quote needs to time-stamp the time the quotes have been entered or amended.2 RMs and MTFs need to time-stamp in accordance with the clock synchronisation requirements of MiFID II (APAs are not subject to a clock synchronisation requirement).3 The aim of quote time-stamping, combined with clock synchronization, is to ensure that the quotes are firm and reliable.4

2.

Where an SI uses several APAs (and/or other publication arrangements, such as RMs or MTFs), MiFID II requires the SI to deliver the quotes at the same time to all dissemination arrangements it uses.5 The objective here is to ensure that the quotes are consistent across all dissemination arrangements (including APAs) and no quotes are out-of-date.6

Deze functie is alleen te gebruiken als je bent ingelogd.