EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 1 Transparency for equity instruments
Article 3 MiFIRPre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Requires trading venues to publish current bid and offer prices and depth of trading interest, including actionable indications of interest, for shares, depositary receipts, ETFs, certificates and similar instruments continuously during trading hours, calibrated by trading system type, and to give systematic internalisers access to their publication arrangements on reasonable terms.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryEquity RFQ systems must make quotes and actionable indications of interest pre-trade transparent no later than when they become executable, whether or not a trade follows; disclosure only at execution is not enough, and an RFQ system cannot be split into a quote stage followed by a separate bilateral confirmation.
- Q&AAnsweredInferred · 70%
AI summaryPre-trade quotes must identify the instrument unambiguously, but an ISIN is not mandatory: venues and systematic internalisers may use other identifiers where an ISIN is not available.
- Q&AAnsweredInferred · 70%
AI summaryTrading venues need only make available their transparency publication arrangements for the asset classes in which they provide services, not for others.
- OpinionPublishedESMA rulebook
AI summaryESMA opinion of 16 October 2024 (ESMA70-155-6641) summarising the positions behind its opinions on national authorities' pre-trade transparency waivers under Articles 4 and 9 MiFIR, such as reference price, negotiated transaction, large-in-scale and order management facility waivers and how different trading systems qualify; it adds no new guidance and also covers the treatment of subscription rights.
- 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 (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
- 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 3 UK MiFIR · Pre-trade transparency requirements for trading venues 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.
EquivalentExplicit referenceUK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- Explicit reference
The Handbook source note on this provision cites the article.
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Version history
- From 2 Jul 2014
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.