ESMA – Waivers from Pre-Trade Transparency

Anne PlestedThe aim of this document, published by ESMA (10/08/11), is to provide guidelines under the existing MiFID directive for competent authorities around the application of Waivers from Pre-Trade Transparency for Regulated Markets and MTFs.  Some examples of waivers granted by national competent authorities, considered at CESR or at ESMA level, are included for illustration purposes.

Under MiFID II, according to the leaked draft documents, a new trading venue category is introduced – Organised Trading Facility (OTF). The same pre- and post-trade transparency regime for Regulated Markets (RM) and MTFs will also apply to OTFs. e.g. a Broker Crossing System currently not obliged to comply with pre-trade transparency rules would apply to become registered as an OTF and then under the new rules either have to publish its lit order book or apply to the FSA to operate in the dark under one of the 4 waivers from pre-trade transparency.

The publication of these guidelines looks to be paving the way towards more stringent regulatory monitoring of the use of the existing waivers and consistency throughout Europe.

View the full document  ESMA – Waivers from Pre-trade Transparency

Leave A Comment

Copyright © 2019 Fidessa Group Holdings Limited. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.