EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 2 Transparency for non-equity instruments
Article 8a MiFIRPre-trade transparency requirements for trading venues in respect of derivatives
Introduced by the 2024 MiFIR review: regulated markets running a central limit order book or periodic auction must publish bids, offers and depth for exchange-traded derivatives, and MTFs and OTFs running such systems must do so for certain centrally cleared OTC derivatives in EUR, JPY, USD or GBP (clearing-obligation interest rate derivatives with benchmark tenors, and CDS on G-SIBs or G-SIB indices); the Commission may amend that scope.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Provision inserted; Text inserted | 28 Mar 2024 |
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryNegotiated or pre-arranged transactions in non-equity instruments may be formalised on a trading venue under the Article 9(1) MiFIR waivers (LIS, illiquid instruments, EFP and package orders, but not the order management facility waiver); for derivatives subject to the trading obligation only the LIS and package order waivers are available, and venues must monitor such trades for market abuse and disorderly trading.
- 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.
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
- No UK counterpartExplicit reference
Inserted in the EU by Regulation (EU) 2024/791 (from 28 Mar 2024), after exit.
Version history
- From 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.