EU · MiFIR · TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
Article 20 MiFIRPost-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Investment firms, including systematic internalisers, concluding transactions outside trading venues in shares, depositary receipts, ETFs, certificates and similar instruments traded on a venue must publish each trade's volume, price and time once through a single APA, following the same content, timing and deferral rules as trading venues.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text inserted; Text deleted | 28 Mar 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryAmends RTS 2 (2017/583) and RTS 1 (2017/587) after the 2024 MiFIR review: removes request-for-quote and voice trading systems from non-equity pre-trade transparency, defines central limit order books and periodic auction systems, keeps some provisions for derivatives during the transition, and updates large-in-scale and other transparency rules for bonds, structured finance products, emission allowances and equity instruments. Parts apply from 2 March 2026.
- RTSIn forceLegal basis
AI summaryAmends RTS 1 (2017/587) on equity transparency: aligns non-price forming transactions with RTS 22, raises the pre-trade large-in-scale threshold and the size qualifying for 60-minute deferral for ETFs, adds pre-trade transparency rules for hybrid trading systems and shortens publication delays. Most changes apply from 1 January 2024.
- RTSIn forceLegal basis
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryA systematic internaliser must follow the quoting rules for an instrument's current liquidity status and adapt when it changes, though it may always apply the stricter liquid-instrument rules; it may also reassess its SI status under the new thresholds and notify its authority if it no longer qualifies.
- Q&AAnsweredInferred · 70%
AI summaryIn a Commission answer, transfers of financial instruments between branches of the same legal entity, or between a branch and its head office, are not subject to transparency or transaction reporting because ownership does not change.
- Q&AAnsweredExplicit reference · 90%
AI summaryWhere a transaction's price is not known at execution (for example an ETF dealt at NAV), firms should publish and report it with 'PNDG' as the price, then cancel and replace the reports with the actual price once known, keeping the original execution date and time.
- Q&AAnsweredInferred · 85%
AI summaryAn investment firm may outsource the reporting of OTC trades to an APA to a third party, but remains fully responsible and must ensure the third party tells the APA which transparency regime applies to the firm.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion (ESMA70-154-165) setting the criteria for treating a third-country venue as similar to an EU trading venue, so that EU investment firms' transactions on venues ESMA has assessed positively (listed in an annex) need not be made public again through an APA under Articles 20 and 21 MiFIR, while trades on other third-country venues in instruments traded on EU venues must be.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion (ESMA70-156-117) on when an OTC derivative counts as 'traded on a trading venue' (TOTV) for MiFIR transparency, transaction reporting and reference data: only where it shares the same reference data details as a derivative traded on a venue, as identified by its ISIN; ESMA will monitor how the concept is applied.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 20 UK MiFIR · Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
Version history
- From 28 Mar 2024
- From 2 Jul 2014 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.