Article 8 — Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances — compare
Showing 4 of 4Release 2 Nov 2026Details
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- 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.
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- Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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- 1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 11 Oct 2026 · Official source
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- 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 1 Nov 2026 · Official source
Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, and emission allowances and derivatives
1.Market When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for in respect of bonds, and structured finance products, emission allowances, derivatives traded on a trading venue and package ordersemission allowances. That requirement shall also apply to actionable indication of interests. MarketThose market operators and investment firms operating a trading venue shall make that information available to the public on a continuous basis during normal trading hours. That publication obligation does not apply to those derivative transactions of non-financial counterparties which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group.
2.The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems, including order-book, quote-driven, hybrid, periodic auction trading and voice trading systems.
3.Market operators and investment firms operating a trading venue shall give access, on reasonable commercial terms and on a non-discriminatory basis, to the arrangements they employ for making public the information referred to in paragraph 1 to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 18. [in_force → deleted]
4.Market operators and investment firms operating a trading venue shall, where a waiver is granted in accordance with Article 9(1)(b), make public at least indicative pre-trade bid and offer prices which are close to the price of the trading interests advertised through their systems in bonds, structured finance products, emission allowances and derivatives traded on a trading venue. Market operators and investment firms operating a trading venue shall make that information available to the public through appropriate electronic means on a continuous basis during normal trading hours. Those arrangements shall ensure that information is provided on reasonable commercial terms and on a non-discriminatory basis. [in_force → deleted]