AI Summary of Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives
When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market must make public current bid and offer prices and the depth of trading interests advertised through their systems for exchange‑traded derivatives. That information must be made available to the public on a continuous basis during normal trading hours.
When applying such systems, market operators and investment firms operating an MTF or an OTF must make public the same information for OTC derivatives denominated in euro, Japanese yen, US dollars or pounds sterling that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 and are centrally cleared, including interest rate derivatives with tenors of 1, 2, 3, 5, 7, 10, 12, 15, 20, 25 or 30 years, certain centrally cleared single‑name CDS referencing global systemically important banks and centrally cleared CDS referencing an index of such banks. Transparency requirements shall be calibrated for different trading systems and the Commission may adopt delegated acts to amend the specified OTC derivatives in light of market developments.
Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives
1. When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market 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 exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours.
2. When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating an MTF or an OTF 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 OTC derivatives that are denominated in euro, Japanese yen, US dollars or pounds sterling and that:
(a) are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012, are centrally cleared, and, in respect of interest rate derivatives, have a contractually agreed tenor of 1, 2, 3, 5, 7, 10, 12, 15, 20, 25 or 30 years;
(b) are single-name credit default swaps that reference a global systemically important bank and that are centrally cleared; or
(c) are credit default swaps that reference an index comprising global systemically important banks and that are centrally cleared.