FI establishes its adaptation to the new transparency rules that will go into effect on 3 January 2018 in conjunction with the new European regulatory framework: the Directive and the Regulation on markets in financial instruments (MiFID II/MiFIR).
Given the entry into force of a new European regulatory framework (the Directive and the Regulation on markets in financial instruments (MiFID II/MiFIR)), the previous transparency regulations within the EU will be supplemented with a joint regulation containing expanded requirements that will cover basically all financial instruments traded on a trading venue. The regulatory framework allows the possibility to both waive the obligation to make public pre-trade order information and authorise deferred publication of post-trade information.
FI has informed investment firms (securities institutions) and Swedish trading venues about its decisions in a number of application matters based on the following application of the transparency regulations in MiFIR:
In conjunction with an authorisation of deferred post-trade information for non-equity instruments (i.e. bonds, derivatives, structured finance products and emissions allowances) in accordance with Article 11 and Article 21(4), FI has allowed the possibility for "extended time period of deferral" in accordance with Article 11(3) of MiFIR according to the following:
Guidelines for aggregate publication in accordance with point a) is available in ESMA's Q&A on Transparency, Section 4, Question 6, dated 15 November 2017.
Swedish investment firms , including systematic internalisers, that have not applied themselves for the possibility to defer information may utilise, for transactions taking place outside of a trading venue, the corresponding possibility for deferral that is granted for Swedish trading venues in accordance with Articles 20(2) and 21(4) of MiFIR. The trading venues' applications are set out in published regulations and market models on the trading venues' websites. Please note for individual instrument classes that deferred publication may differ from the above, i.e. the trading venues' applications can be stricter.
FI will continue to evaluate the application of transparency decisions and may reassess its position if the conditions on the market change.