Requirement (MIFID)
Article 45 Post-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 the price, volume and time of the transactions executed in respect
of shares admitted to trading. Member States shall require details of all
such transactions to be made public, on a reasonable commercial basis
and as close to real-time as possible.
¡B
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 the details of their transactions
in shares pursuant to Article 28.
2. Member States shall provide that the competent authority may
authorise regulated markets 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
regulated markets to obtain the competent authority's prior approval of
proposed arrangements for deferred trade-publication, 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 a regulated market 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.
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
Article 29 Publication and availability of pre- and post-trade transparency data