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Q&A · ESMA

Maximum authorised deviation around the reference price for negotiated transactions in illiquid equity instruments

Answered
Read the official text on the ESMA website(opens in a new tab)
AI-generated Summary

For the negotiated-transaction waiver for illiquid equity instruments under Article 4(1)(b)(ii) MiFIR, the trading-halt parameters venues set under Article 48(5) MiFID II should serve as the maximum permitted deviation from the reference price; trades outside them should not be allowed under the waiver.

Details

ReferenceESMA_QA_1566
IssuerESMA
Published15 Nov 2017
Answered15 Nov 2017
Submitted15 Nov 2017
ESMA topicsPre-trade transparency waivers
Earlier Q&A documentESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 5.5