Requirement (MIFID)
Article 30 Post-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 the price, volume and
time of the transactions executed under its systems in respect of shares
which are admitted to trading on a regulated market. Member States
shall require that details of all such transactions be made public, on a
reasonable commercial basis, as close to real-time as possible. This
requirement shall not apply to details of trades executed on an MTF that
are made public under the systems of a regulated market.
2. Member States shall provide that the competent authority may
authorise investment firms or market operators operating an MTF to
provide for deferred publication of the details of transactions based on
their type or size. In particular, the competent authorities may authorise
the deferred publication in respect of transactions that are large in scale
compared with the normal market size for that share or that class of
shares. Member States shall require MTFs to obtain the competent
authority's prior approval to proposed arrangements for deferred tradepublication,
and shall require that these arrangements be clearly
disclosed to market participants and the investing public.
3. In order to provide for the efficient and orderly functioning of
financial markets, and 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 in respect of:
(a) the scope and content of the information to be made available to the
public;
(b) the conditions under which investment firms or market operators
operating an MTF may provide for deferred publication of trades
and the criteria to be applied when deciding the transactions for
which, due to their size or the type of share involved, deferred publication
is allowed.
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 45 for regulated markets.
Referenced requirement
Article 32 Arrangements for making information public
Article 30 Public availability of pre- and post-trade information
Article 33 Calculations and estimates for shares admitted to trading on a regulated market
Article 28 Deferred publication of large transactions
Article 34 Publication and effect of results of required calculations and estimates
Article 27 Post-trade transparency obligation