Article 19 — Monitoring by ESMA — compare
Showing 3 of 3Release 2 Nov 2026Details
- Coverage
- MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
- Freshness
- Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
- Shown
- Showing 3 of 3
- Failures
- None.
- Incomplete
- No.
- From
- 1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 11 Oct 2026 · Official source
- To
- 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 1 Nov 2026 · Official source
1.Competent authorities and ESMA shall monitor the application of Article 18 regarding the sizes at which quotes are made available to clients of the investment firm and to other market participants relative to other trading activity of the firm, and the degree to which the quotes reflect prevailing market conditions in relation to transactions in the same or similar financial instruments on a trading venue. By 3 January 2020, ESMA shall submit a report to the Commission on the application of Article 18. In the event of significant quoting and trading activity just beyond the threshold referred to in Article 18(6) or outside prevailing market conditions, ESMA shall submit a report to the Commission before that date.
2.The Commission shall adopt delegated acts in accordance with Article 50 specifying the sizes referred to in Article 18(6) at which a firm shall enter into transactions with any other client to whom the quote is made available. The size specific to the financial instrument shall be determined in accordance with the criteria set in Article 9(5)(d).
3.The Commission shall adopt delegated acts in accordance with Article 50 clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in Article 18(8).