Requirement (MIFID)
Article 29 Pre-trade transparency requirements for MTFs
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall, at least, require that investment firms and
market operators operating an MTF make public current bid and offer
prices and the depth of trading interests at these prices which are advertised
through their systems in respect of shares admitted to trading on a
regulated market. Member States shall provide for this information to be
made available to the public on reasonable commercial terms and on a
continuous basis during normal trading hours.
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2. Member States shall provide for the competent authorities to be
able to waive the obligation for investment firms or market operators
operating an MTF to make public the information referred to in paragraph
1 based on the market model or the type and size of orders in the
cases defined in accordance with paragraph 3. In particular, the competent
authorities shall be able to waive the obligation in respect of transactions
that are large in scale compared with normal market size for the
share or type of share in question.
3. In order to ensure the uniform application of paragraphs 1 and 2,
the Commission shall, in accordance with the procedure referred to in
Article 64(2) adopt implementing measures as regards:
(a) the range of bid and offers or designated market-maker quotes, and
the depth of trading interest at those prices, to be made public;
(b) the size or type of orders for which pre-trade disclosure may be
waived under paragraph 2;
(c) the market model for which pre-trade disclosure may be waived
under paragraph 2 and in particular, the applicability of the obligation
to trading methods operated by an MTF which conclude transactions
under their rules by reference to prices established outside
the systems of the MTF or by periodic auction.
Except where justified by the specific nature of the MTF, the content of
these implementing measures shall be equal to that of the implementing
measures provided for in Article 44 for regulated markets.
Referenced requirement
Article 33 Calculations and estimates for shares admitted to trading on a regulated market
Article 32 Arrangements for making information public
Article 19 References to negotiated transaction
Article 34 Publication and effect of results of required calculations and estimates
Article 20 Waivers in relation to transactions which are large in scale
Article 18 Waivers based on market model and type of order or transaction
Article 17 Pre-trade transparency obligations
Article 30 Public availability of pre- and post-trade information
Article 29 Publication and availability of pre- and post-trade transparency data