EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.IV.1.3:5.IV.1.3 Member State option
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.IV.1.3
5.IV.1.3 Member State option
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS267322:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Deze functie is alleen te gebruiken als je bent ingelogd.
MiFID II retains the option for Member States to decide that investment firms comply with the client limit order display rules by making unexecuted client limit orders immediately available through sending the limit order to an RM and/or MTF.1 If the Member State option is exercised (MiFID II uses the wording ‘Member States may decide’), the investment firm needs to comply with the limit order display rule by sending the unexecuted client limit order to an RM and/or MTF. In this situation, the investment firm is not permitted to publish the unexecuted limit order through a data reporting services provider. Where the Member State option is exercised, a form of order-routing arrangement is in place, that is - investment firms need to send (route) the unexecuted order to a pre-trade transparent RM and/or MTF.