Articles tagged with: Transparency

RTS 1: Equity and Equity Like Transparency

MiFID II prescribes a series of refinements to transparency in equity and equity like instruments. In many cases it either adapts existing concepts (for example, reducing the maximum time that a trade must be published within) or introduces new concepts such as Approved Publication Arrangements (APAs).

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RTS 2: Non Equity Transparency

MiFID II introduces comprehensive pre- and post-trade transparency obligations for a wide range of asset classes outside of equity and equity like instruments. Collectively, the new asset classes in scope for transparency are known as "non-equity instruments". Details of transactions must be published, with some deferrals permitted, and firms that are classified as Systematic Internalisers must publish quotes.

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RTS 3: Double Volume Caps

MiFID II imposes a cap on the usage of the Reference Price and Negotiated Transaction pre-trade transparency waivers. The caps reference total EU on venue volume and are calculated on a per symbol basis at 4% on any particular venue and 8% market-wide in any 12-month rolling period. In Bats' Q2 2016 release, we added a "capped" symbol reference files in each of our trading and reporting environments (BXE, CXE, TRF) that indicates whether such caps apply on specific instruments. This will not be populated in the TRF environment.

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