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.