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ESMA published on 8 August 2012 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.
* MiFID waivers from pre-trade transparency - Esma August 2012:
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