Pre-trade transparency waivers requests will be considered at CESR level - to be consistent with CESRs role to achieve supervisory convergence. The table provides information on applying MiFID in specific cases and assists market participants.
Possible waivers apply to:
- Systems where the price is determined by reference to a price generated by another system. This waiver can be granted only for systems where the reference price is widely published and regarded generally by market participants as a reliable reference price.
- Systems that formalise negotiated transactions, provided the transaction:
Takes place at or within the current volume-weighted spread reflected on the order book or the quotes of market makers in that share or, where the share is not traded continuously, within a percentage of a suitable reference price set in advance by the operator of the Regulated Market or MTF; or
Is subject to conditions other than the current market price of the share (e.g. a volume weighted average price transaction).
- Orders that are held in an order management facility maintained by a Regulated Market or MTF pending those orders being disclosed to the market.
- Transactions which are large in scale. An order shall be considered to be large in scale compared with normal market size if it is equal to or larger than the minimum size of order specified in Table 2 in Annex II of the MiFID Implementing Regulation.
Where an operator of a Regulated Market or an
MTF seeks to rely on a pre-trade transparency waiver, the arrangements will be considered at
CESR level at the initiative of the relevant
CESR Member. This is consistent with CESR‟s role to achieve supervisory convergence and is without prejudice to any policy work that
CESR might conduct in this area. CESR‟s consideration of the arrangements covered in this document has been based solely on the information provided to it by the relevant
CESR Member. According to the existing legal framework, the responsibility for the final decision on the waivers lies with the national competent authorities.
The information in the table will be updated on a continuous basis as and when
CESR forms a view on whether a proposal made to a
CESR Member satisfies the criteria of a particular waiver. The table does not include all waivers granted by competent authorities, but only the ones that have been considered at
CESR level after the establishment of this process in February 2009.
© CESR - Committee of European Securities Regulators
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