EU · MiFIR · TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
Article 14 MiFIRObligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Systematic internalisers must publish firm quotes in liquid shares, depositary receipts, ETFs, certificates and similar instruments (and disclose quotes to clients on request for illiquid ones), for sizes up to a threshold set by RTS, with minimum quote sizes and prices reflecting prevailing market conditions. Instruments are grouped into classes by average order value, with the class set annually by the authority of the most relevant market.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2019/2033 | Text amended | by 26 Jun 2021 |
| 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 1 (2017/587) on equity transparency: aligns non-price forming transactions with RTS 22, raises the pre-trade large-in-scale threshold and the size qualifying for 60-minute deferral for ETFs, adds pre-trade transparency rules for hybrid trading systems and shortens publication delays. Most changes apply from 1 January 2024.
- 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 summaryAmends and corrects RTS 1 (2017/587) so that systematic internalisers' quotes and price improvements in shares and depositary receipts must respect the tick sizes that apply on trading venues, to preserve a level playing field, and updates and corrects other provisions.
- RTSIn forceLegal basis
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryA systematic internaliser must follow the quoting rules for an instrument's current liquidity status and adapt when it changes, though it may always apply the stricter liquid-instrument rules; it may also reassess its SI status under the new thresholds and notify its authority if it no longer qualifies.
- Q&AAnsweredESMA rulebook
AI summaryThe quoting obligations in Articles 14 to 17a MiFIR apply only to instruments traded on a trading venue, so systematic internalisers in other instruments are not subject to them but must still notify their competent authority, and must monitor whether an instrument becomes traded on a venue.
- 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 14 UK MiFIR · Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2019/2033 (by 26 Jun 2021), Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023 (from 29 Aug 2023). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
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.