Post-trade transparency obligation
1. Investment firms, regulated markets, and investment firms and market operators operating an MTF shall, with regard to transactions in respect of shares admitted to trading on regulated markets concluded by them or, in the case of regulated markets or MTFs, within their systems, make public the following details:
(a)
the details specified in points 2, 3, 6, 16, 17, 18, and 21 of Table 1 in Annex I;
(b)
an indication that the exchange of shares is determined by factors other than the current market valuation of the share, where applicable;
(c)
an indication that the trade was a negotiated trade, where applicable;
(d)
any amendments to previously disclosed information, where applicable.
Those details shall be made public either by reference to each transaction or in a form aggregating the volume and price of all transactions in the same share taking place at the same price at the same time.
2. By way of exception, a systematic internaliser shall be entitled to use the acronym 'SI' instead of the venue identification referred to in paragraph 1(a) in respect of a transaction in a share that is executed in its capacity as a systematic internaliser in respect of that share.
The systematic internaliser may exercise that right only as long as it makes available to the public aggregate quarterly data as to the transactions executed in its capacity as a systematic internaliser in respect of that share relating to the most recent calendar quarter, or part of a calendar quarter, during which the firm acted as a systematic internaliser in respect of that share. That data shall be made available no later than one month after the end of each calendar quarter.
It may also exercise that right during the period between the date specified in Article 41(2), or the date on which the firm commences to be a systematic internaliser in relation to a share, whichever is the later, and the date that aggregate quarterly data in relation to a share is first due to be published.
3. The aggregated quarterly data referred to in the second subparagraph of paragraph 2 shall contain the following information for the share in respect of each trading day of the calendar quarter concerned:
(a)
the highest price;
(b)
the lowest price;
(c)
the average price;
(d)
the total number of shares traded;
(e)
the total number of transactions;
(f)
such other information as the systematic internaliser decides to make available.
4. Where the transaction is executed outside the rules of a regulated market or an MTF, one of the following investment firms shall, by agreement between the parties, arrange to make the information public:
(a)
the investment firm that sells the share concerned;
(b)
the investment firm that acts on behalf of or arranges the transaction for the seller;
(c)
the investment firm that acts on behalf of or arranges the transaction for the buyer;
(d)
the investment firm that buys the share concerned.
In the absence of such an agreement, the information shall be made public by the investment firm determined by proceeding sequentially from point (a) to point (d) until the first point that applies to the case in question.
The parties shall take all reasonable steps to ensure that the transaction is made public as a single transaction. For those purposes two matching trades entered at the same time and price with a single party interposed shall be considered to be a single transaction.