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Article 12 - Post-trade transparency obligations

1.

Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.

The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.

2.

Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.

3.

Where a previously published trade report is amended, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make the following information public:

(a)

a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I;

(b)

a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag specified in Table 4 of Annex I.

4.

Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that sells the financial instrument concerned shall make the transaction public through an APA.

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