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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art. 28Post-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.