EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.V.2.2:5.V.2.2 Exception 2: share trades between eligible and/or professional counterparties that do not contribute to the price discovery process

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.V.2.2

5.V.2.2 Exception 2: share trades between eligible and/or professional counterparties that do not contribute to the price discovery process

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The second exception to the MiFID II share trading-obligation is where shares trades are: (a) carried out between eligible and/or professional counterparties; and (b) do not contribute to the price discovery process.1 Under MiFID II trades in shares do not contribute to the price discovery process where they are: (1) non-addressable liquidity trades; or (2) trades determined by factors other than the current valuation of the share.2 As the wording implies, MiFID II excludes non-price forming potential (and completed) trades from the MiFID II share trading-obligation.

5.V.2.2.1 Non-addressable liquidity trades5.V.2.2.2 Trades determined by factors other than the current market valuation5.V.2.2.3 Background

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