Opinion · ESMA
Opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments
Published
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ESMA opinion of 16 October 2024 (ESMA70-155-6641) summarising the positions behind its opinions on national authorities' pre-trade transparency waivers under Articles 4 and 9 MiFIR, such as reference price, negotiated transaction, large-in-scale and order management facility waivers and how different trading systems qualify; it adds no new guidance and also covers the treatment of subscription rights.
Details
| Reference | ESMA70-155-6641 |
|---|---|
| Issuer | ESMA |
Provisions it relates to
- Article 3 MiFIR · Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsESMA rulebook
- Article 4 MiFIR · Waivers for equity instrumentsESMA rulebook
- Article 8 MiFIR · Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowancesESMA rulebook
- Article 8a MiFIR · Pre-trade transparency requirements for trading venues in respect of derivativesESMA rulebook
- Article 8b MiFIR · Pre-trade transparency requirements for trading venues in respect of package ordersESMA rulebook
- Article 9 MiFIR · Waivers for bonds, structured finance products, emission allowances, derivatives and package ordersESMA rulebook