ESMA published todays a revision of its waiver document (ESMA/2011/241) which provides information on the pre-trade transparency of trading systems already set up in the European Union and informs on the compliance of such systems with MiFID, the Markets in Financial Instruments Directive.
Pre-trade transparency waivers are an integral feature of MiFID.
However, in order to ensure the liquidity and efficiency of equity markets, waivers allow in a limited number of cases to deviate from MiFID’s trade transparency requirements.
ESMA compiles its waiver document in order to contribute to a level-playing field across the Union when it comes to the consistent application of such waivers.
