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---
title: "ESMA Q&A 2306 — Q&A — Questions related to package orders/transactions [Question Published]"
shortTitle: "ESMA Q&A 2306 — Q&A — Questions related to package orders/transactions [Question Published]"
answer_id: ESMA_QA_2306
topic: "Non-equity transparency"
status: "Question Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: pending
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 16 October 2024
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2306
lifecycle: "Question Published"
text_version: "ESMA Q&A register, 16 October 2024"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2306"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "not stated in the document"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA_QA_2306"
    locator: "ESMA Q&A entry ESMA_QA_2306: no answer; no author named"
document_type: "qa_question"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  question_submitted_on: "2024-10-16"
  locators:
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2306, column 'Date of submission'"
lifecycle_label: "Question Published"
---

**Question published in the ESMA Q&A tool · no answer · not legislation [Question Published]**

*Question Published · ESMA Q&A register, 16 October 2024 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2306)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2306 — Q&A — Questions related to package orders/transactions \[Question Published\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2306 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 16 October 2024 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Questions related to package orders/transactions**

### Question

\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.4\]

a) How is the requirement for a package order that ‘Each component of the transactions bears meaningful economic or financial risk related to all the other components’ to be interpreted?

b) Can package orders also include equity instruments? If yes, how is pre- and post-trade transparency applied?

c) When does an investment firm apply the systematic internaliser obligations on a package order level?

d) How should systematic internalisers determine whether package orders which are not liquid as a whole are subject to the transparency obligations in non-equity instruments under Article 18(1) or 18(2) of MiFIR?

e) Which party to a package transaction is required to make the transactions public via an APA?

f) Can package orders (Article 2(1)(49)(b) of MiFIR) also include instruments that are not admitted to trading or traded on a venue?

g) Where an investment firm buys a newly issued bond in the primary market as the result of an allocation and funds its investment by selling another bond to the lead manager of the issuance, simultaneously with and contingent upon the investment in the new issue, would this qualify as a package order for the purpose of pre-trade transparency?

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2306)