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ARTICLE · 04 OCTOBER 2018

Further Amendments To Technical Standards On EU Systematic Internalisers' Quote Rules

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On September 20, 2018, the European Securities and Markets Authority published an Opinion and revised draft amendments to the Regulatory Technical Standard ...

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On September 20, 2018, the European Securities and Markets Authority published an Opinion and revised draft amendments to the Regulatory Technical Standard on the equity transparency obligations of trading venues and investment firms. The RTS, known as RTS 1, is set out in Commission Delegated Regulation (EU) 2017/587, supplementing the Markets in Financial Instruments Regulation.

Under MiFIR, Systematic Internalisers must make public firm quotes in equity instruments. The quotes must: (i) be at least equivalent of 10% of the standard market size for the quoted instrument; (ii) include both a bid and offer price; and (iii) reflect the prevailing market conditions for that instrument. RTS 1 specifies the concept of "prices reflecting prevailing market conditions" as being "close in price, at the time of publication, to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity."

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