Q&A · ESMA
Minimum tick size regime under Article 49 of MiFID II - Pre-trade transparency waivers
Answered
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The minimum tick size regime applies to all orders on trading venues, including resting limit orders and orders in order management systems, but not to trades under the reference price waiver, negotiated transactions, or large-in-scale orders matched at the mid-point.
Details
| Reference | ESMA_QA_1493 |
|---|---|
| Issuer | ESMA |
| Published | 6 Apr 2021 |
| Answered | 6 Apr 2021 |
| Submitted | 6 Apr 2021 |
| ESMA topics | Tick size regime |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 4.6 |
Provisions it relates to
- Article 4 MiFIR · Waivers for equity instrumentsExplicit reference · 90%
- Article 49 MiFID II · Tick sizesExplicit reference · 90%
- MiFID II (whole act)Explicit reference