Post-trade transparency

Approval for deferred publication of MiFIR post-trade transparency obligation

As part of the MiFIR post-trade transparency, the Frankfurt Stock Exchange, Deutsche Börse AG and Börse Frankfurt Zertifikate AG were granted approvals with regard to the MiFIR post-trade transparency obligation for trading venues for the later publication of transactions for the following types of securities, which were concluded via the Xetra T7 Entry Service functionality and in Xetra EnLight in the T7 system. Furthermore, the transactions must be large in scale compared to the normal market volume.

The decisions of the Exchange Supervisory Authority became effective on December 5, 2018 (Xetra T7 Entry Service) and on May 27, 2019 (Xetra EnLight) and comprise:

1. shares, share certificates, exchange-traded funds (ETFs) and certificates within the meaning of Art. 3 (1) of Regulation (EU) 600/2014 (MiFIR).

The Frankfurt Stock Exchange and Deutsche Börse AG are entitled to publish the details for transactions concerning the purchase and sale of shares, share certificates, ETFs and certificates by the end of the periods described in Tables 4, 5 and 6 of Annex II pursuant to Art. 15 (1) RTS 1 at the latest.

However, the requirements of Art 15 (1) (a) RTS 1 must be met and the transaction must have taken place between an exchange participant trading for its own account and another counterparty.

For transactions for which a later publication until the end of the trading day is permitted and which are executed less than two hours before the end of the trading day, the Frankfurt Stock Exchange and Deutsche Börse AG shall be entitled pursuant to Art 15 (3) (b) RTS 1 to make a publication by 12:00 noon of the next trading day at the latest.

2. bonds, structured financial products and derivatives within the meaning of Art 10 (1) of Regulation (EU) 600/2014 (MiFIR)

The Frankfurt Stock Exchange, Deutsche Börse AG and Börse Frankfurt Zertifikate AG are entitled to publish the details for transactions concerning the purchase and sale of bonds, structured financial products and derivatives pursuant to Art. 10 (1) MiFIR, Art. 7 RTS 2 and Art. 8 RTS 2 by no later than 19:00 local time on the second working day following the date of the transaction.

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