Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances

When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of bonds, structured finance products and emission allowances. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.

The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems.