Ordinance
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FinMIO)


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Art. 28 Post-trade transparency

(Art. 29 paras. 2 and 3 lit. b Fin­MIA)

1 The trad­ing ven­ue shall pub­lish the in­form­a­tion on post-trade trans­par­ency with re­spect to trans­ac­tions ex­ecuted via the trad­ing ven­ue in ac­cord­ance with its reg­u­la­tions.

2 Post-trade in­form­a­tion with re­spect to trans­ac­tions that were car­ried out on the trad­ing ven­ue out­side of nor­mal busi­ness hours are to be pub­lished by the trad­ing ven­ue pri­or to the start of trad­ing on the trad­ing day fol­low­ing ex­e­cu­tion of the trans­ac­tion in ques­tion.

3 Para­graph 1 also ap­plies to trans­ac­tions that were con­duc­ted out­side of the trad­ing ven­ue in­so­far as they were car­ried out dur­ing the course of the trad­ing day on the most im­port­ant mar­ket for the se­cur­it­ies in ques­tion or dur­ing the nor­mal trad­ing hours of the trad­ing ven­ue. Oth­er­wise, the in­form­a­tion is to be pub­lished im­me­di­ately pri­or to the be­gin­ning of the or­din­ary trad­ing hours of the trad­ing ven­ue, or at the latest pri­or to the start of the next trad­ing day on the most im­port­ant mar­ket for these se­cur­it­ies.

4 The trad­ing ven­ue may make pro­vi­sion for later pub­lic­a­tion in its reg­u­la­tions in the case of:

a.
large-volume trans­ac­tions in ac­cord­ance with Art­icle 27 para­graph 4 let­ter d;
b.
trans­ac­tions:
1.
which are above a size spe­cif­ic to the se­cur­it­ies in ques­tion,
2.
for which a li­quid­ity pro­vider would be ex­posed to in­ap­pro­pri­ate risks, and
3.
for which con­sid­er­a­tion has been giv­en as to wheth­er the con­tract­ing parties are re­tail or whole­sale in­vestors;
c.
trans­ac­tions in se­cur­it­ies for which no li­quid mar­ket ex­ists.

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