Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/9.III.1.8.2
9.III.1.8.2 Similar equity post-trade transparency obligations as RMs and MTFs
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267262:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
Art. 14(1-2) MiFIR Delegated Regulation 2017/587. The only difference is that investment firms operating outside an RM/MTF need to make the post-trade data public in real-time where the transaction takes place during the normal trading hours of the most relevant market of liquidity for the equity instrument or during the investment firm’s daily trading hours. RMs and MTFs always need to publish post-trade information in real-time during their daily trading hours (no reference to the most relevant market in terms of liquidity is in place) (ibid).
Art. 20(1) MiFIR. For the background of these provisions, reference is made to section II(paragraph 1.5) above about RMs and MTFs. The background of the provisions for RMs, MTFs, and investment firms operating outside RMs and MTFs is overall the same (save for the differences examined in paragraphs 1.7.3-1.7.4 below).
To achieve the MiFID II goals of high post-trade transparency, MiFID II subjects investment firms trading outside an RM or MTF generally to the same equity post-trade obligations as RMs/MTFs. Similar to RMs and MTFs, investment firms need to comply with MiFID II equity post-trade transparency rules on:
The publication of (1) price, (2) volume, and (3) time of the equity post-trade data;
Timing of post-trade publication (real-time during normal trading hours).1
The equity post-trade transparency obligations apply to all equity instruments (not only shares) traded on an RM/MTF.
The equity post-trade transparency obligations are maximum harmonised.2
Despite the similarities, the equity post-trade transparency obligations for investment firms trading outside RMs and MTFs differ in certain areas. The differences are examined below.