Q&A · ESMA
Multilateral and bilateral systems - Member preferencing functionalities and pre-arranged transactions
Answered
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Trading venues may offer member preferencing if it is transparent and available to all members, but it cannot be used to formalise pre-arranged trades, which may be formalised on a venue only under an appropriate pre-trade waiver; venues must monitor for and stop such misuse.
Details
| Reference | ESMA_QA_1495 |
|---|---|
| Issuer | ESMA |
| Published | 5 Dec 2019 |
| Answered | 5 Dec 2019 |
| Submitted | 5 Dec 2019 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.9a |
Provisions it relates to
- Article 19 MiFID II · Specific requirements for MTFsInferred · 75%
- Article 47 MiFID II · Organisational requirementsInferred · 80%
- MiFIR (whole act)Explicit reference