Requirement (MIFID)
Article 27 Post-trade transparency obligation
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. Investment firms, regulated markets, and investment firms
and market operators operating an MTF shall, with regard to
transactions in respect of shares admitted to trading on regulated
markets concluded by them or, in the case of regulated markets
or MTFs, within their systems, make public the following details:
(a) the details specified in points 2, 3, 6, 16, 17, 18, and 21 of
Table 1 in Annex I;
(b) an indication that the exchange of shares is determined by
factors other than the current market valuation of the
share, where applicable;
(c) an indication that the trade was a negotiated trade, where
applicable;
(d) any amendments to previously disclosed information,
where applicable.
Those details shall be made public either by reference to each
transaction or in a form aggregating the volume and price of all
transactions in the same share taking place at the same price at
the same time.
2. By way of exception, a systematic internaliser shall be
entitled to use the acronym ‘SI’ instead of the venue identification
referred to in paragraph 1(a) in respect of a transaction in a share
that is executed in its capacity as a systematic internaliser in
respect of that share.
The systematic internaliser may exercise that right only as long as
it makes available to the public aggregate quarterly data as to the
transactions executed in its capacity as a systematic internaliser
in respect of that share relating to the most recent calendar
quarter, or part of a calendar quarter, during which the firm acted
as a systematic internaliser in respect of that share. That data
shall be made available no later than one month after the end of
each calendar quarter.
It may also exercise that right during the period between the date
specified in Article 41(2), or the date on which the firm
commences to be a systematic internaliser in relation to a share,
whichever is the later, and the date that aggregate quarterly data
in relation to a share is first due to be published.
3. The aggregated quarterly data referred to in the second
subparagraph of paragraph 2 shall contain the following
information for the share in respect of each trading day of the
calendar quarter concerned:
(a) the highest price;
(b) the lowest price;
(c) the average price;
(d) the total number of shares traded;
(e) the total number of transactions;
(f) such other information as the systematic internaliser
decides to make available.
4. Where the transaction is executed outside the rules of a
regulated market or an MTF, one of the following investment
firms shall, by agreement between the parties, arrange to make
the information public:
(a) the investment firm that sells the share concerned;
(b) the investment firm that acts on behalf of or arranges the
transaction for the seller;
(c) the investment firm that acts on behalf of or arranges the
transaction for the buyer;
(d) the investment firm that buys the share concerned.
In the absence of such an agreement, the information shall be
made public by the investment firm determined by proceeding
sequentially from point (a) to point (d) until the first point that
applies to the case in question.
The parties shall take all reasonable steps to ensure that the
transaction is made public as a single transaction. For those
purposes two matching trades entered at the same time and price
with a single party interposed shall be considered to be a single
transaction.
Comment
Applies to Articles 28, 30 and 45 of Directive 2004/39/EC