Art. 8b · Pre-trade transparency requirements for trading venues in respect of package orders

Version in force 28 March 2024, Inserted +761 −0§

Amended by Regulation (EU) 2024/791 32024R0791 on EUR-Lex (external, EUR-Lex)

Applies from: not readable (an inserted provision states its own application date only in prose) why

Explanation, written by a model and checked against the cited text

A new Article 8b has been added, setting out pre-trade transparency obligations for market operators and investment firms operating a trading venue when they use a central limit order book or a periodic auction trading system for package orders composed of bonds, structured finance products, emission allowances or derivatives.

The article requires that current bid and offer prices and the depth of trading interests advertised through such systems be made public on a continuous basis during normal trading hours, and it states that the transparency requirements are to be calibrated for different types of trading systems.

Cited: Art. 8b, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Article 8b
Pre-trade transparency requirements for trading venues in respect of package orders
1. 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 in respect of package orders composed of bonds, structured finance products, emission allowances or derivatives. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.
2. The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems.