+Article 11a 1.

Article 11a 1.

Market operators and investment firms operating a trading venue may defer the publication of the details of transactions executed in respect of exchange-traded derivatives and in respect of OTC derivatives as referred to in Article 8a(2), including the price and the volume, in accordance with this Article.

Market operators and investment firms operating a trading venue shall clearly disclose the arrangements for deferred publication to market participants and the public. ESMA shall monitor the application of those arrangements and shall, every two years, submit a report to the Commission on how they are used in practice.

The arrangements for deferred publication in respect of exchange-traded derivatives or of OTC derivatives as referred to in Article 8a(2), or classes thereof, shall be organised by using five categories:

(a) 

category 1: transactions of a medium size in a financial instrument for which there is a liquid market;

(b) 

category 2: transactions of a medium size in a financial instrument for which there is not a liquid market;

(c) 

category 3: transactions of a large size in a financial instrument for which there is a liquid market;

(d) 

category 4: transactions of a large size in a financial instrument for which there is not a liquid market;

(e) 

category 5: transactions of a very large size.

When the period of deferral lapses, all the details of the transactions on an individual basis shall be published.

1. Panoramica

,

1.1 Riferimenti

1.2 Requisiti identificati

1.3 Standard correlati

2. Requisiti identificati

Requisiti

3. Standard correlati

Standard