CHAPTER III POST-TRADE TRANSPARENCY FOR TRADING VENUES AND INVESTMENT FIRMS TRADING OUTSIDE A TRADING VENUE

1. (1)

   Market operators and investment firms operating a trading venue and investment firms trading outside the rules of a trading venue shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.

2. (2)

   Where a previously published trade report is cancelled, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.

3. (3)

   Where a previously published trade report is amended, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make the following information public:

   1. (a)

      a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I;

   2. (b)

      a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag specified in Table 4 of Annex I.

4. (4)

   Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that is registered as a designated reporter shall make the transaction public through an APA.

5. (5)

   Where neither investment firm party to the transaction is a designated reporter, only the firm acting as the selling firm shall be obliged to make the transaction public through an APA.

6. (5A)

   Where each investment firm party to the transaction is registered as a designated reporter:

   1. (a)

      only the firm acting as the selling firm shall be obliged to make the transaction public through an APA; or

   2. (b)

      the selling firm may discharge its obligation by arranging for the buyer only to make the transaction public through an APA.

7. (6)

   Investment firms shall take all reasonable steps to ensure that the transaction is made public as a single transaction. For that purpose, two matching trades entered at the same time and for the same price with a single party interposed shall be considered to be a single transaction.

8. (7)

   An investment firm must notify the FCA in writing before carrying on or ceasing the activity of a designated reporter

9. (8)

   The FCA shall publish and maintain on its website a register of designated reporters. The register shall be publicly accessible on the FCA’s website and updated on a regular basis.

The obligation in Article 20(1) of Regulation (EU) No 600/2014 shall not apply to the following:

1. (a)

   excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 where applicable;

2. (b)

   transactions executed by an 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;

3. (c)

   give-up transactions and give-in transactions;

4. (ca)

   inter-affiliate transactions.

1. (1) For transactions that take place on a given trading venue, post-trade information shall be made public in the following circumstances:
   1. (a) where the transaction takes place during the daily trading hours of the trading venue, as close to real-time as is technically possible and in any case within one minute of the relevant transaction;
   2. (b) where the transaction takes place outside the daily trading hours of the trading venue, before the opening of the next trading day for that trading venue.
2. (2) For transactions that take place outside a trading venue, post-trade information shall be made public in the following circumstances:
   1. (a) where the transaction takes place during the daily trading hours of the most relevant market in terms of liquidity determined in accordance with Article 17B for the share, depositary receipt, ETF, certificate or other similar financial instrument concerned, or during the investment firm's daily trading hours, as close to real-time as is technically possible and in any case within one minute of the relevant transaction;
   2. (b) where the transaction takes place in any case not covered by point (a), immediately upon the commencement of the investment firm's daily trading hours and at the latest before the opening of the next trading day of the most relevant market in terms of liquidity determined in accordance with Article 17B.
3. (3) Information relating to a portfolio trade shall be made public with respect to each constituent transaction as close to real-time as is technically possible, having regard to the need to allocate prices to particular shares, depositary receipts, ETFs, certificates and other similar financial instruments. Each constituent transaction shall be assessed separately for the purposes of determining whether deferred publication in respect of that transaction is applicable pursuant to Article 15.

1. (1) Where the FCA authorises the deferred publication of the details of transactions pursuant to Article 7(1) of Regulation (EU) No 600/2014, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction no later than at the end of the relevant period set out in Tables 4, 5 and 6 of Annex II provided that the following criteria are satisfied:
   1. (a) the transaction is between an investment firm dealing on own account other than through matched principal trading and another counterparty;
   2. (b) the size of the transaction is equal to or exceeds the relevant minimum qualifying size specified in Tables 4, 5 or 6 of Annex II, as appropriate.
2. (2) The relevant minimum qualifying size for the purposes of point (b) in paragraph 1 shall be determined in accordance with the average daily turnover calculated as set out in MAR 11A.4.
3. (3) For transactions for which deferred publication is permitted until the end of the trading day as specified in Tables 4, 5 and 6 of Annex II, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public the details of those transactions either:
   1. (a) as close to real-time as possible after the end of the trading day which includes the closing auction, where applicable, for transactions executed more than two hours before the end of the trading day;
   2. (b) no later than noon local time on the next trading day for transactions not covered in point (a).

For transactions that take place outside a trading venue, references to trading days and closing auctions shall be those of the most relevant market in terms of liquidity as determined in accordance with Article 17B.

1. (4) Without prejudice to paragraph (1), where a transaction in an ETF is executed at its net asset value (NAV) before the NAV is published, deferred publication is permitted regardless of the size of the transaction. Once the NAV is published, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction in accordance with the timeframes set out in Article 14.

1. (1)

   A reference to a trading day in relation to a trading venue shall be a reference to any day during which that trading venue is open for trading.

2. (2)

   A reference to daily trading hours of a trading venue or an investment firm shall be a reference to the hours which the trading venue or investment firm establishes in advance and makes public as its trading hours.

3. (3)

   A reference to the opening of the trading day at a given trading venue shall be a reference to the commencement of the daily trading hours of that trading venue.

4. (4)

   A reference to the end of the trading day at a given trading venue shall be a reference to the end of the daily trading hours of that trading venue.