Regulatory Alerts2024-10-16
ESMA Opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments
The European Securities and Markets Authority (ESMA) issued this opinion to clarify the assessment of pre-trade transparency waivers under MiFIR, aiming to ensure consistent supervisory practices across EU national competent authorities. The document provides detailed guidance on the application of Large-in-Scale (LIS) waivers, specifying requirements for order size determination, price usage, and threshold conversions for both equity and non-equity instruments. It further outlines operational standards for Order Management Facility (OMF) waivers, addressing the handling of iceberg orders, timestamp assignments, and execution logic for reserve orders.
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