Q&A · ESMA

Minimum size of orders held in an order management facility for non-equity financial instruments

Answered

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AI-generated Summary

The minimum size of orders held in an order management facility for non-equity instruments under Article 4(2)(a) of RTS 2 is calculated using Table 4 of Annex II of RTS 2, except that the notional amount of traded contracts is used for emission allowances and their derivatives.

Details

Reference	ESMA_QA_1573
Issuer	ESMA
Published	7 Feb 2018
Answered	7 Feb 2018
Submitted	7 Feb 2018
ESMA topics	Pre-trade transparency waivers
Earlier Q&A document	ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 5.12

Provisions it relates to

Article 9 MiFIR · Waivers for bonds, structured finance products, emission allowances, derivatives and package orders
MiFIR
Inferred · 85%
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.