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Chapter IV · MARKET TRANSPARENCY  ›  Section 4 · Provisions common to pre- and post-trade transparency › Article 31

(Article 22(2) of Directive 2004/39/EC)

Disclosure of client limit orders

An investment firm shall be considered to disclose client limit orders that are not immediately executable if it transmits the order to a regulated market or MTF that operates an order book trading system, or ensures that the order is made public and can be easily executed as soon as market conditions allow.

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