Article 8a — Pre-trade transparency requirements for trading venues in respect of derivatives

Financial servicesLevel 1RegulationMiFIRIn forceOfficial source

1.When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours.

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8a(2)

2.When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating an MTF or an OTF shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of OTC derivatives that are denominated in euro, Japanese yen, US dollars or pounds sterling and that:

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8a(2)(a)

(a)are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012, are centrally cleared, and, in respect of interest rate derivatives, have a contractually agreed tenor of 1, 2, 3, 5, 7, 10, 12, 15, 20, 25 or 30 years;

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8a(2)(b)

(b)are single-name credit default swaps that reference a global systemically important bank and that are centrally cleared; or

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8a(2)(c)

(c)are credit default swaps that reference an index comprising global systemically important banks and that are centrally cleared.

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Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.

8a(3)

3.The transparency requirements referred to in paragraphs 1 and 2 shall be calibrated for different types of trading systems.

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8a(4)

4.The Commission is empowered to adopt delegated acts in accordance with Article 50 to amend paragraph 2, first subparagraph, of this Article as regards the OTC derivatives subject to the transparency requirements laid down in that subparagraph in light of market developments.

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