EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 2 Transparency for non-equity instruments
Article 11 MiFIRDeferred publication in respect of bonds, structured finance products or emission allowances
Revised by the 2024 MiFIR review: trading venues may defer publication of transactions in bonds, structured finance products and emission allowances, with bond deferrals organised in five categories by transaction size and liquidity, after which full details must be published. Authorities may temporarily suspend post-trade transparency when liquidity falls below a threshold, ESMA may extend deferrals in emergencies, and RTS set the size thresholds and deferral periods.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text amended | 28 Mar 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryAmends RTS 2 (2017/583) and RTS 1 (2017/587) after the 2024 MiFIR review: removes request-for-quote and voice trading systems from non-equity pre-trade transparency, defines central limit order books and periodic auction systems, keeps some provisions for derivatives during the transition, and updates large-in-scale and other transparency rules for bonds, structured finance products, emission allowances and equity instruments. Parts apply from 2 March 2026.
- RTSIn forceLegal basis
AI summaryAmends RTS 2 (2017/583) on non-equity transparency: aligns the treatment of non-price forming transactions with RTS 22 to make post-trade publication consistent, and updates publication timing and other provisions to reflect faster publication now possible. Most changes apply from 1 January 2024.
- RTSIn forceLegal basis
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAwaiting answerInferred · 90%
AI summaryAsks which deferred publications (price-deferred, volume-deferred or both) must carry the new 'LLF3' and 'LIF4' flags for bonds, and the 'DEFF' flag for ETCs, ETNs and structured finance products, under ESMA's December 2024 draft RTS 2. The question has been published but not yet answered.
- Q&AAnsweredInferred · 70%
AI summaryFor the temporary suspension of bond transparency under Articles 9(4) and 11(2) MiFIR, which operates by class, the 'classes of bonds' are those defined in Table 2.2 of Annex III of RTS 2.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion (ESMA70-156-117) on when an OTC derivative counts as 'traded on a trading venue' (TOTV) for MiFIR transparency, transaction reporting and reference data: only where it shares the same reference data details as a derivative traded on a venue, as identified by its ISIN; ESMA will monitor how the concept is applied.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 11 UK MiFIR · Article 10: deferrals and suspensions for fixed income instruments and derivatives etc
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023 (by 1 Dec 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- Explicit reference
The Handbook source note on this provision cites the article.
- REC 2.6.18CUK
- REC 3.14A.7CD Pre- and post- trade transparency requirements for equity and non-equity instruments: form of waiver and deferral
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Version history
- From 28 Mar 2024
- From 2 Jul 2014 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.