> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mifir/articles/21.md).

# Article 21 — Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives

*In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 30 Sep 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123)

**1.** Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds, structured finance products and emission allowances traded on a trading venue or OTC derivatives as referred to in [Article 8a(2)](/mifir/articles/8a.md), shall make public the volume and price of those transactions and the time at which they were concluded. That information shall be made public through an APA.

**2.** Each individual transaction shall be made public once through a single APA.

**3.** The information which is made public in accordance with paragraph 1 and the time-limits within which it is published shall comply with the requirements adopted pursuant to [Article 10](/mifir/articles/10.md), including the regulatory technical standards adopted pursuant to [Article 11(4)](/mifir/articles/11.md), points (a) and (b), and [Article 11a(3)](/mifir/articles/11a.md), points (a) and (b).

**4.** With regard to bonds, structured finance products and emission allowances traded on a trading venue, investment firms may defer the publication of the price or volume on the same conditions as laid down in [Article 11](/mifir/articles/11.md).

**4a.** With regard to OTC derivatives as referred to in [Article 8a(2)](/mifir/articles/8a.md), investment firms may defer the publication of the price or volume on the same conditions as laid down in [Article 11a](/mifir/articles/11a.md).

**5.** ESMA shall develop draft regulatory technical standards in such a way as to enable the publication of information required pursuant to [Article 27g](/mifir/articles/27g.md) to specify the following:

**(a)** the identifiers for the different types of transactions published in accordance with this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;

**(b)** the application of the obligation under paragraph 1 to transactions involving the use of those financial instruments for collateral, lending or other purposes where the exchange of financial instruments is determined by factors other than the current market valuation of the financial instrument.

**(c)** \[Deleted by [Regulation (EU) 2024/791](https://eur-lex.europa.eu/eli/reg/2024/791/oj) of 28 February 2024.]

ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

***

[Title III — Transparency for systematic internalisers and investment firms trading OTC and tick size regime for systematic internalisers](/mifir/titles/iii.md) · [← Article 20](/mifir/articles/20.md) · [Article 21a →](/mifir/articles/21a.md)


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://www.headlesslaw.com/mifir/articles/21.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.