in force 2024-03-28 MODIFIED+146 −600§
Amended by Regulation (EU) 2024/791 32024R0791
applies from: unchanged
The heading and the body of Article 8 no longer refer to derivatives, so the pre-trade transparency obligation in paragraph 1 now covers only bonds, structured finance products and emission allowances, dropping the earlier references to derivatives, package orders, actionable indications of interest, and the exemption for non-financial counterparties' risk-reducing derivative transactions.
Paragraph 1 now specifies that the obligation applies only when a central limit order book or a periodic auction trading system is used, a qualification absent from the earlier text.
Paragraph 2 no longer lists order-book, quote-driven, hybrid, periodic auction trading and voice trading systems as examples of trading systems for which the transparency requirements must be calibrated, referring instead only to different types of trading systems generally.
Cited: Art. 8, v1 · Art. 8, v2
text before / after
02014R0600-20240109 → 02014R0600-20240328
Article 8
Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, products and emission allowances and derivatives
1. Market When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for in respect of bonds, and structured finance products, products and emission allowances, derivatives traded on a trading venue and package orders. That requirement shall also apply to actionable indication of interests. Market allowances. Those market operators and investment firms operating a trading venue shall make that information available to the public on a continuous basis during normal trading hours. That publication obligation does not apply to those derivative transactions of non-financial counterparties which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group.
2. The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems, including order-book, quote-driven, hybrid, periodic auction trading and voice trading systems.
3. Market operators and investment firms operating a trading venue shall give access, on reasonable commercial terms and on a non-discriminatory basis, to the arrangements they employ for making public the information referred to in paragraph 1 to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 18.
4. Market operators and investment firms operating a trading venue shall, where a waiver is granted in accordance with Article 9(1)(b), make public at least indicative pre-trade bid and offer prices which are close to the price of the trading interests advertised through their systems in bonds, structured finance products, emission allowances and derivatives traded on a trading venue. Market operators and investment firms operating a trading venue shall make that information available to the public through appropriate electronic means on a continuous basis during normal trading hours. Those arrangements shall ensure that information is provided on reasonable commercial terms and on a non-discriminatory basis.