EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.II:4.II RMs and MTFs

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/4.II

4.II RMs and MTFs

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS267078:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

Under MiFID I investment firms could trade, among other things, through the systems of an RM or MTF.1 MiFID I subjected RMs and MTFs to a distinct equity pre-trade transparency regime. As noted above, under MiFID I the term ‘equity’ referred to shares only.2 Potential equity (i.e. share) transactions of investment firms on RMs and MTFs were published under the MiFID I pre-trade transparency requirements applicable to RM and MTF operators, provided that (a) the MiFID I conditions were met and (b) no exceptions (waivers) were available.

4.II.1 Equity pre-trade transparency obligations 4.II.2 Equity pre-trade transparency waivers (dark pools)4.II.3 Waiver process 4.II.4 Concluding remarks

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The term ‘system’ encompassed all those markets that were (1) composed of a set of rules and a trading platform (technical system) as well as (2) those that only functioned on the basis of a set of rules (recital 6 MiFID I Directive). A similar definition is in place under MiFID II (recital 7 MIFIR).

Reference is made to recital 44 MiFID I Directive. The term ‘equity’ is broader under MiFID II, since beside shares, it also includes ‘equity-like’ instruments, being depositary receipts, ETFs, certificates, and other similar financial instruments (Title II MiFIR). For an examination of the term ‘equity’, reference is made to chapter 1 (section IV).