What is SSTI and Lis?
SSTI: Size Specific to Instrument (threshold that separates small trades from normal trades). LIS: Large in Scale (threshold that separates normal trades from large/block trades).
What is post-trade transparency?
Post-trade transparency refers to regimes in different jurisdictions that require firms to publicly disclose trades they undertake.
What is OTC post-trade indicator?
– The OTC post-trade indicator requires firms to identify the type of transaction being undertaken, e.g. benchmark transactions, agency cross transactions, or post-trade large in scale transactions. – The commodity derivative indicator asks whether the transaction reduces risk in an objectively measurable way.
Who needs to report under MiFIR?
600 / 2014 of the European Parliament and of the Council of 15 May 2014 (“MiFIR”) is that investment firms which execute transactions in financial instruments must report complete and accurate details of transactions to their home competent authority as quickly as possible, and no later than the close of the following …
What is Lis MiFID?
A Competent Authority can waive the obligation for trading venues to make pre trade information public for the following: Large in Scale (LIS) Orders that are large in scale compared with normal market size. Size Specific to Instrument (SSTI)
What is large scale?
Large in Scale means, in relation to an Order or Transaction in a Product, that it is above the “large in scale” threshold established by ESMA for the waiver from the requirements for publication of Pre-Trade Data or a deferral from the requirements for the publication of Post- Trade Data.
What is reportable under MiFIR?
The transaction reporting obligation under MiFID II/MiFIR captures: financial instruments which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, financial instruments where the underlying is a financial instrument traded on a trading venue, and.
What is the difference between MiFID and MiFIR?
The main difference between MiFID and MiFIR is that the directive (MiFID) sets out the goals that EU member states should strive to meet, whereas the regulation (MiFIR) imposes rules that all countries must follow. MiFID II is a legislative act that sets out goals that all countries in the EU need to achieve.
What does RTS stand for in MiFID?
The technical standards comprise of 27 regulatory technical standards (RTS) and one implementing technical standard (ITS).
What is double volume cap?
The Double Volume Cap (DVC) limits the level of dark trading to a certain proportion of total trading in an equity.
What is standard market size?
Normal Market Size (NMS) is the minimum number of shares in a particular company that can be traded at a specific price. Market makers cannot offer set bid and ask prices for an indefinite number of shares, but they must offer enough shares to keep trade flowing and markets liquid.
What is an example of large scale?
The definition of large scale refers to something that is grand or that is big. An example of a large scale wedding is one in which you invite 300 people. Large in scope or extent.