Artikel, Notizen und Markierungen werden geladen... Bitte um etwas Geduld.
Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art. 27Pre-trade transparency
(Art. 29 paras. 1 and 3 lit. b FinMIA)
1 The trading venue shall publish the information communicated via its trading facilities on pre-trade transparency for shares throughout normal trading hours.
2 For each share, the five best bid and offer prices as well as the volume of orders are to be published.
3 Paragraphs 1 and 2 also apply for actionable indications of interest.
4 The trading venue may make provision for exceptions in its regulations for:
a.
reference price systems, as long as the reference prices are widely published and viewed by participants as reliable;
b.
systems that exist only to formalise transactions already negotiated;
c.
orders held in an order management facility of the trading venue pending disclosure;
d.
orders that are large in scale compared with normal market size.