Requirement (MIFID)
Article 44 Pre-trade transparency requirements for regulated markets
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall, at least, require regulated markets to make
public current bid and offer prices and the depth of trading interests at
those prices which are advertised through their systems for shares
admitted to trading. Member States shall require this information to be
made available to the public on reasonable commercial terms and on a
continuous basis during normal trading hours.
Regulated markets may give access, on reasonable commercial terms
and on a non-discriminatory basis, to the arrangements they employ for
making public the information under the first subparagraph to investment
firms which are obliged to publish their quotes in shares pursuant
to Article 27.
2. Member States shall provide that the competent authorities are to
be able to waive the obligation for regulated markets 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 regulated markets which
conclude transactions under their rules by reference to prices established
outside the regulated market or by periodic auction.
Referenced requirement
Article 33 Calculations and estimates for shares admitted to trading on a regulated market
Article 32 Arrangements for making information public
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
Article 19 References to negotiated transaction
Article 18 Waivers based on market model and type of order or 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