ESMA_QA_1713

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1713

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Regulatory Context

Regulation : MIFIR

Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: ESMA70-1861941480-56 Questions and Answers on MiFIR reporting

Subject Matter: Order Record Keeping

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Question

Submission Date: 07 July 2017

Are actionable indications of interest subject to the order record keeping requirements for Investment Firms and trading venues under Article 25(1) and (2) of MiFIR?

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ESMA Answer

Answer Date: 07-07-2017

[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 25.1] Yes. An “actionable indication of interest” is defined in Article 2(1)(33) of MiFIR as “a message from one member or participant to another within a trading system in relation to available trading interest that contains all necessary information to agree on a trade”. Actionable indications of interest are subject to pre-trade transparency requirements under Articles 3(1) and 8(1) of MiFIR, along with current bid and offer prices and the depth of trading interests at those prices. To ensure that relevant and sufficient data is kept at the disposal of competent authorities, paragraphs 1 and 2 of Article 25 of MiFIR set out the obligation on investment firms and trading venues to maintain records of, amongst others, the relevant data relating to these orders, including actionable indications of interest.

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This document was automatically extracted from the ESMA EMIR Q&A database.