Regulatory Alerts2023-01-17
Added · Updated
Commission Delegated Regulation (EU) 2023/944 amending transparency requirements for equity transactions
The European Commission amends Delegated Regulation (EU) 2017/587 to align the definition of non-price forming transactions with Delegated Regulation (EU) 2017/590, deleting redundant definitions for give-up transactions and securities financing transactions. The regulation increases the pre-trade large-in-scale threshold for exchange-traded funds (ETFs) to EUR 3,000,000 and raises the minimum qualifying size for the 60-minute post-trade deferral. It introduces specific pre-trade transparency requirements for hybrid trading systems and reduces the deadline for publishing deferred post-trade information for late-day transactions to 9 am local time on the following trading day. These changes apply to trading venues, approved publication arrangements, and investment firms from 1 January 2024.