CESR updates waivers from Pre-trade Transparency Obligation under MiFID

17 July 2009

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:

 
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).
 
 
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.
 
Full report

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