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---
title: "ESMA Q&A 1570 — Q&A — Reference price waiver and multi-listed shares [Answer Published]"
shortTitle: "ESMA Q&A 1570 — Q&A — Reference price waiver and multi-listed shares [Answer Published]"
answer_id: ESMA_QA_1570
topic: "Pre-trade transparency waivers"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 18 December 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1570
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 18 December 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1570"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1570: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2017-12-18"
  question_submitted_on: "2017-12-18"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1570, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1570, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Dec 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 18 December 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1570)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1570 — Q&A — Reference price waiver and multi-listed shares \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1570 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 18 December 2017; question submitted 18 December 2017 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Reference price waiver and multi-listed shares**

### Question

How will the reference price waiver be applied for shares listed on multiple venues and traded in different currencies? Should those shares be regarded as separate financial instruments, which may only be traded in the currency in which they are listed?

***

### Answer

\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 5.10\]

The concept of financial instrument in MiFID II / MiFIR is independent of the currency that it is traded in. Therefore, instruments should not be considered as different financial instruments, just because they are traded on multiple venues and/or in multiple currencies.

According to Article 4(2) of MiFIR, the reference price is to be “derived” from the trading venue where that financial instrument was first admitted to trading or the most relevant market in terms of liquidity and not replicated. This leaves open the possibility to transact in currencies other than the currency that is used on the trading venue from which the price is derived. The methodology used for converting the reference price should be set out in the trading venue’s rule book. The exchange rate used should be derived from a reliable source (e.g. European Central Bank) and be updated regularly and at least on a daily basis.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1570)