Skip to the text

Article 23 — Trading obligation for investment firms — 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 26 Oct 2026 · Official source
To
2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
23(1)

1.An investment firm shall ensure that the trades it undertakes in shares admitted to trading on a regulated market or which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue shall, take place on a regulated market, an MTF, a or systematic internaliser, or a third-country trading venue assessed as equivalent in accordance with Article  25(4), point (a), of Directive  2014/65/EU, as appropriate, unless their characteristics include that they:

23(1)(a)
(a)those shares are non-systematic, adtraded on a third-hoc, irregular and infrequentcountry venue in the local currency or in a non-EEA currency; or
23(1)(b)
(b)those trades are carried out between eligible and/counterparties, between professional counterparties or between eligible and professional counterparties and do not contribute to the price discovery process.
23(2)

2.An investment firm that operates an internal matching system which executes client orders in shares, depositary receipts, ETFs, certificates and other similar financial instruments on a multilateral basis must ensure it is authorised as an MTF under Directive 2014/65/EU and comply with all relevant provisions pertaining to such authorisations.

23(3)

3.ESMA shall develop draft regulatory technical standards to specify the particular characteristics of those transactions in shares that do not contribute to the price discovery process as referred to in paragraph 1, taking into consideration cases such as:

23(3)(a)
(a)non-addressable liquidity trades; or
23(3)(b)
(b)where the exchange of such financial instruments is determined by factors other than the current market valuation of the financial instrument.

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.