Recital 9

(9) Article 10 of Regulation (EU) No 600/2014 contains requirements for trading venues to make public information related to transactions in non-equity instruments, including price and volume. Article 11 of that Regulation specifies where it is possible for competent authorities to authorise the deferred publication of those details. Such deferred publication is allowed where a transaction is above the large-in-scale size threshold, is in an instrument for which there is no liquid market, or, where the transaction involves liquidity providers, is above the size specific to the financial instrument threshold. Competent authorities have discretion to determine the duration of the deferrals and the details of the transactions to be deferred. That discretion has led to differing practices among the Member States and to an ineffective and complex post-trade transparency regime. To ensure transparency with regard to all types of investors, it is necessary to harmonise the deferral regime at Union level, to remove discretion at national level and to facilitate data consolidation. It is therefore appropriate to reinforce post-trade transparency requirements by removing the discretion of competent authorities.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.