1.
Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.
The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.
2.
Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.
3.
Where a previously published trade report is amended, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make the following information public:
(a)
a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I;
(b)
a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag specified in Table 4 of Annex I.
4.
Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that sells the financial instrument concerned shall make the transaction public through an APA.
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Application of post-trade transparency to certain types of transactions executed outside a trading venue
The obligation in Article 20(1) of Regulation (EU) No 600/2014 shall not apply to the following:
(a)
excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (
5
) where applicable.
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(b)
give-up transactions or give-in transactions, which are any of the following transactions:
(i)
a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii)
a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.
1.
For transactions that take place on a given trading venue, post-trade information shall be made public in the following circumstances:
(a)
where the transaction takes place during the daily trading hours of the trading venue, as close to real-time as is technically possible and in any case within one minute of the relevant transaction;
(b)
where the transaction takes place outside the daily trading hours of the trading venue, before the opening of the next trading day for that trading venue.
2.
For transactions that take place outside a trading venue, post-trade information shall be made public in the following circumstances:
(a)
where the transaction takes place during the daily trading hours of the most relevant market in terms of liquidity determined in accordance with Article 4 for the share, depositary receipt, ETF, certificate or other similar financial instrument concerned, or during the investment firm's daily trading hours, as close to real-time as is technically possible and in any case within one minute of the relevant transaction;
(b)
where the transaction takes place in any case not covered by point (a), immediately upon the commencement of the investment firm's daily trading hours and at the latest before the opening of the next trading day of the most relevant market in terms of liquidity determined in accordance with Article 4.
3.
Information relating to a portfolio trade shall be made public with respect to each constituent transaction as close to real-time as is technically possible, having regard to the need to allocate prices to particular shares, depositary receipts, ETFs, certificates and other similar financial instruments. Each constituent transaction shall be assessed separately for the purposes of determining whether deferred publication in respect of that transaction is applicable pursuant to Article 15.
1.
Where a competent authority authorises the deferred publication of the details of transactions pursuant to Article 7(1) of Regulation (EU) No 600/2014, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction no later than at the end of the relevant period set out in Tables 4, 5 and 6 of Annex II provided that the following criteria are satisfied:
(a)
the transaction is between an investment firm dealing on own account other than through matched principal trading and another counterparty;
(b)
the size of the transaction is equal to or exceeds the relevant minimum qualifying size specified in Tables 4, 5 or 6 of Annex II, as appropriate.
2.
The relevant minimum qualifying size for the purposes of point (b) in paragraph 1 shall be determined in accordance with the average daily turnover calculated as set out in Article 7.
3.
For transactions for which deferred publication is permitted until the end of the trading day as specified in Tables 4, 5 and 6 of Annex II, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public the details of those transactions either:
(a)
as close to real-time as possible after the end of the trading day which includes the closing auction, where applicable, for transactions executed more than two hours before the end of the trading day;
(b)
no later than the opening of the next trading day of the most relevant market in terms of liquidity for transactions not covered in point (a).
For transactions that take place outside a trading venue, references to trading days and closing auctions shall be those of the most relevant market in terms of liquidity as determined in accordance with Article 4.
4.
Where a transaction between two investment firms is executed outside the rules of a trading venue, the competent authority for the purpose of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with Article 21a(3) of Regulation (EU) No 600/2014.
1.
A reference to a trading day in relation to a trading venue shall be a reference to any day during which that trading venue is open for trading.
2.
A reference to daily trading hours of a trading venue or an investment firm shall be a reference to the hours which the trading venue or investment firm establishes in advance and makes public as its trading hours.
3.
A reference to the opening of the trading day at a given trading venue shall be a reference to the commencement of the daily trading hours of that trading venue.
4.
A reference to the end of the trading day at a given trading venue shall be a reference to the end of the daily trading hours of that trading venue.
