MAR 6.9 Publication of quotes
Where a publication obligation arises under MAR 6.5.1 R, a systematic internaliser must make its quotes public:
- (1)
on a regular and continuous basis during normal trading hours; and
- (2)
in a manner which is easily accessible to other market participants on a reasonable commercial basis.
[Note: Subparagraphs 1 and 2 of Article 27(3) of MiFID]
1. |
A regulated market, MTF or systematic internaliser shall be considered to publish pre-trade information on a continuous basis during normal trading hours if that information is published as soon as it becomes available during the normal trading hours of the regulated market, MTF or systematic internaliser concerned, and remains available until it is updated. |
2. |
Pre-trade information, and post-trade information relating to transactions taking place within normal trading hours, shall be made available as close to real time as possible. Post-trade information relating to such transactions shall be made available in any case within three minutes of the relevant transaction. |
3. |
Information relating to a portfolio trade shall be made available with respect to each constituent transaction as close to real time as possible, having regard to the need to allocate prices to particular shares. Each constituent transaction shall be assessed separately for the purposes of determining whether deferred publication in respect of the transaction is available under Article 28 [of the MiFID Regulation]. |
[Note: Article 29(1) to (3) of the MiFID Regulation] |
Information which is required to be made available as close to real time as possible should be made available as close to instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned. The information should only be published close to the three minute maximum limit in exceptional cases where the systems available do not allow for a publication in a shorter period of time. |
[Note: Recital 18 to the MiFID Regulation] |
For the purposes of Articles 27, 28, 29, 30, 44 and 45 of [the MiFID] Directive 2004/39/EC and of this Regulation, pre- and post-trade information shall be considered to have been made public or available to the public if it is made available generally through one of the following to investors located in the Community: |
|
(a) |
the facilities of a regulated market or an MTF; |
(b) |
the facilities of a third party; |
(c) |
proprietary arrangements. |
[Note: Article 30 of the MiFID Regulation] |
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Any arrangement to make information public, adopted for the purposes of Articles 30 and 31 [of the MiFID Regulation] shall satisfy the following conditions: |
|
(a) |
it must include all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected; |
(b) |
it must facilitate the consolidation of the data with similar data from other sources; |
(c) |
it must make the information available to the public on a non-discriminatory commercial basis at a reasonable cost. |
[Note: Article 32 of the MiFID Regulation] |
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1For the purposes of ensuring that published information is reliable, monitored continuously for errors, and corrected as soon as errors are detected (see MAR 6.9.5 EU(a)), and in respect of arrangements facilitating the consolidation of data as required in MAR 6.9.5 EU(b), the guidance in MAR 5.8.3 G and MAR 5.8.4 G applies equally to firms falling within this chapter, and should be read as if references to provisions and types of firm in MAR 5 were references to the corresponding provisions and types of firm in this chapter.