Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/8.III.1.6.2
8.III.1.6.2 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:ADS266885:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
Art. 27(1)(a-d) MiFID I Implementing Regulation.
Art. 29(2-5) MiFID I Implementing Regulation. 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 was in place) (ibid)
To achieve the MiFID I goals of high post-trade transparency and a level playing field, MiFID I subjected investment firms trading outside an RM or MTF to several similar post-trade transparency obligations as RM and MTFs:
Investment firms trading outside an RM or MTF also needed to comply with the same rules on post-trade details and flags.1
Investment firms also needed to publish post-trade information within a maximum of three minutes during normal trading hours.2
The post-trade transparency obligations for investment firms also applied to shares admitted to trading on an RM.
The post-trade transparency obligations were minimum harmonised.3
Despite the similarities, there were also differences in relation to investment firms trading outside RMs and MTFs. The differences are examined below.