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.II.2.2.6.6:5.II.2.2.6.6 Level 2 text: negotiated transactions not contributing to price formation
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.II.2.2.6.6
5.II.2.2.6.6 Level 2 text: negotiated transactions not contributing to price formation
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266452:1
- 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.
ESMA advised the Commission to adopt a non-exhaustive list with additional types of negotiated transactions not contributing to price formation.1 The aim here was to support the evolution of new types of transactions which needed to be accommodated by the negotiated price waiver. 2 While an exhaustive ensures more legal certainty, ESMA emphasized the importance of developments in negotiated trades not yet apparent in drafting MiFID II. The advice of ESMA is visible in the final MiFID II text. MiFID II covers a non-exhaustive list of types of negotiated transactions not contributing to price formation. The MiFID II list includes, among other things, give-up and give-in transactions, portfolio trades, and securities financing transactions (e.g. repos).