Q&A · ESMA
Tick size regime - Periodic auctions systems
Answered
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Periodic auction systems are subject to the tick size regime in Article 49 MiFID II and Delegated Regulation 2017/588, so without a reference price waiver they cannot execute at the mid-point where the spread is an odd number of ticks.
Details
| Reference | ESMA_QA_1494 |
|---|---|
| Issuer | ESMA |
| Published | 2 Oct 2019 |
| Answered | 2 Oct 2019 |
| Submitted | 2 Oct 2019 |
| ESMA topics | Tick size regime |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 4.11 |
Provisions it relates to
- Article 49 MiFID II · Tick sizesInferred · 95%
- MiFID II (whole act)Explicit reference