MAR 11.4 Post-trade transparency (all transparency firms)

1. (1)

   1The rules in MAR 11.4 apply in respect of:

   1. (a)

      transactions in transparency instruments executed by a trading venue operator on a trading venue that it operates; or

   2. (b)

      transactions in category 1 instruments concluded by a transparency investment firm acting in that capacity.

2. (2)

   1The rules in MAR 11.4 do not apply in respect of the following types of transactions:

   1. (a)

      a transaction executed by a transparency investment firm when providing the investment service of portfolio management, which transfers the beneficial ownership of financial instruments from one fund to another and where no other investment firm is a party to the transaction other than for the sole purpose of providing arrangements for the execution of such non price-forming transactions;

   2. (b)

      a ‘give-up transaction’ or ‘give-in transaction’, which means:

      1. (i)

         a transaction where a transparency investment firm passes a client trade to, or receives a client trade from, another investment firm for the purpose of post-trade processing; or

      2. (ii)

         where a transparency investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client; or

   3. (c)

      inter-affiliate transactions, which means transactions between entities within the same group carried out exclusively for intra-group risk management purposes.

1Where MAR 11.4.1R applies, a transparency firm must publish post-trade transparency information about the transaction, as close to real time as is technically possible:

1. (1)

   in respect of a package transaction or a portfolio trade, having regard to the need to allocate prices to the relevant instruments and in any case within 15 minutes of execution of the relevant transaction; and

2. (2)

   in respect of any other transactions, and in any case within 5 minutes of the execution of the relevant transaction.

1A transparency investment firm must:

1. (1)

   where there are 2 matching trades entered at the same time and for the same price with a single party interposed, treat the 2 trades as a single transaction and take all reasonable steps to ensure that the post-trade transparency information relating to such trades is published as if they relate to a single transaction; and

2. (2)

   publish post-trade transparency information once for each transaction, through a single APA.

1Where a transparency firm:

1. (1)

   cancels a previously published trade report containing the post-trade transparency information, it must publish a new trade report containing all the details of the original trade report and the cancellation flag specified in MAR 11 Annex 2 Table 3;

2. (2)

   amends a previously published trade report containing post-trade transparency information, it must publish:

   1. (a)

      a new trade report containing all the details of the original trade report and the cancellation flag specified in MAR 11 Annex 2 Table 3; and

   2. (b)

      a new trade report that contains the correct post-trade transparency information and the amendment flag as specified in MAR 11 Annex 2 Table 3.

1A transparency firm must give access, on reasonable commercial terms and on a non-discriminatory basis, to the arrangements they put in place for the publication of post-trade transparency information.

1. (1)

   1Where 2 transparency investment firms conclude a transaction outside the rules of a trading venue, only the transparency investment firm that is registered as a designated reporter must publish details of the transaction in accordance with MAR 11.4.2R.

2. (2)

   Where neither transparency investment firm party to the transaction is a designated reporter, only the transparency investment firm acting as the selling firm must publish details of the transaction in accordance with MAR 11.4.2R.

3. (3)

   Where each transparency investment firm party to the transaction is registered as a designated reporter, only the transparency investment firm acting as the selling firm must publish details of the transaction in accordance with MAR 11.4.2R.

1The transparency investment firm that acts as the selling firm and is required by MAR 11.4.8R(3) to publish the MAR 11.4.2R information can fulfil this requirement by arranging for the buyer to publish the relevant details instead.