ESMA provides opinions on pre-trade transparency waivers

10 August 2011

ESMA provided its first opinions on pre-trade transparency waivers to competent authorities. These opinions contribute to a common supervisory culture and consistent supervisory practices. The decisions on ESMA opinions to competent authorities are taken by simple majority.

The published opinions relate to the MiFID compliance of two trading functionalities submitted for ESMA’s assessment by the relevant national competent authorities as part of the process originally developed by CESR in spring 2009. As the opinions relate to confidential information, the substance of the individual opinions has been anonymised. According to these opinions, ESMA considered a reference price system proposed by a trading venue to be MiFID compliant, whereas a system intended to formalise negotiated trades was not considered to comply with the MiFID requirements for granting a pre-trade transparency waiver.

Full opinions

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