T7 Entry Service: Adjustment of tick size in Off-Book trading

Release date: 01 Feb 2019

008/2019 T7 Entry Service: Adjustment of tick size in Off-Book trading

With this circular, we would like to inform you about the adjustment of the minimum price change (tick size) for Off-Book transactions which are concluded in the T7 Entry Service functionality (TES type LIS).

In Xetra circular 123/18, we informed you that the admissible tick size for the T7 Entry Service per security was defined in accordance with the existing tick size on trading venue Xetra.

The Management Board of Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) decided with effect from 4 February 2019 to adjust the tick size for all securities tradable in T7 Entry Service to EUR 0.0001 (or the respective foreign currency).This adjustment is possible on the grounds that ESMA excluded negotiated transactions from the tick size regime (see ESMA Q&A on MiFID II and MiFIR transparency topics).

Thus, as of the effective date of the adjustment, Members may trade bilaterally negotiated transactions at a price which is not subject to the tick size regime according to the Delegated Regulation (EU) 2017/588.

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