--- title: "Article 21 — Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" source_retrieved: 2026-09-30 shortTitle: "Article 21 — Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives" instrument_type: level1_regulation authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: "Regulation (EU) No 600/2014" instrument: mifir celex: "32014R0600" regulation: MiFIR regulation-full: "Regulation (EU) No 600/2014" article: 21 status: in_force object_id: eu.mifir.legal_text.article.21 text_version: "Consolidated version of 23 November 2025" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123" check_status: matched verified: true last_checked: 2026-10-26 --- *In force · Consolidated version of 23 November 2025 · Checked against EUR-Lex on 26 Oct 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)](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](10.md), including the regulatory technical standards adopted pursuant to [Article 11(4)](11.md), points (a) and (b), and [Article 11a(3)](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](11.md). **4a.** With regard to OTC derivatives as referred to in [Article 8a(2)](8a.md), investment firms may defer the publication of the price or volume on the same conditions as laid down in [Article 11a](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](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. ## Related Level 2 and Level 3 ### Binding measures - [2017/583 — RTS — Transparency requirements for bonds \[in force\]](../level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment.md) - [2023/945 — RTS — Amending 2017/583 as regards certain transparency requirements \[in force\]](../level-2/rts/2023-945-amending-the-regulatory-technical-standards-laid-down-in.md) - [2025/1246 — RTS — Transparency requirements for bonds \[in force\]](../level-2/rts/2025-1246-commission-delegated-regulation-eu-2025-1246-of-18-june.md) *** [Title III — Transparency for systematic internalisers and investment firms trading OTC and tick size regime for systematic internalisers](../titles/iii.md) · [← Article 20](20.md) · [Article 21a →](21a.md)