EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 2 Transparency for non-equity instruments
Article 8 MiFIRPre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances
Following the 2024 MiFIR review, trading venues operating a central limit order book or periodic auction system must publish current bid and offer prices and depth of trading interest in bonds, structured finance products and emission allowances continuously during trading hours, calibrated by type of trading system.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text deleted; Text amended | 28 Mar 2024 |
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&AAnsweredExplicit reference · 90%
AI summaryAsked what arrangements trading venues need for calculating indicative pre-trade prices under Article 8(4) MiFIR. ESMA deleted the question on 16 October 2024.
- Q&AAnsweredExplicit reference · 90%
AI summaryAsked how voice trading systems apply the pre-trade transparency requirements of Article 8 MiFIR. ESMA deleted the question on 16 October 2024.
- Q&AAwaiting answerInferred · 80%
AI summaryAsks whether cross orders in liquid non-equity instruments below the large-in-scale threshold may be executed on a trading venue. The question has been published but not yet answered.
- 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 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.
Consultations
- ConsultationClosed 24 Sept 2021Inferred · 75%
AI summaryHM Treasury's post-Brexit review of the UK wholesale capital markets regime (UK MiFID/MiFIR): proposals to clarify the regulatory perimeter, remove restrictions on accessing liquidity (such as the trading obligations), recalibrate fixed income and derivatives transparency, reform the commodities regime and amend the market data regime. Ran 2 July to 24 September 2021; the government's response (78 responses) confirmed it is taking the reforms forward.
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 8 UK MiFIR · Pre-trade transparency requirements 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.
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Version history
- From 28 Mar 2024
- From 1 Jul 2016 to 28 Mar 2024
- From 2 Jul 2014 to 1 Jul 2016
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.