4 Amendments of Diogo FEIO related to 2011/0296(COD)
Amendment 114 #
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organised trading facility will complement the existing types of trading venues. While regulated markets and multilateral trading facilities are characterised by non-discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. Consequently, conduct of business rules including conflicts management, best execution and client order handling obligations should apply to the transactions concluded on an OTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading platform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internalisers in the OTF operated by them, except where proprietary capital is used in order to facilitate client orders.
Amendment 130 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure uniform applicable conditions between trading venues, the same pre- and post-trade transparency requirements should apply to the different types of venues. The transparency requirements should be calibrated for different types of instruments, including equity, bonds, and derivatives, and for different types of trading, including order- book and quote-driven systems such as request for quotes as well as hybrid and voice broking systems, and take account of issuance, transaction size and characteristics of national markets.
Amendment 278 #
Proposal for a regulation
Article 4 – paragraph 3 – point b
Article 4 – paragraph 3 – point b
(b) the size orand type of orders for which pre- trade disclosure may be waived under paragraph 1 for each class of financial instrument concerned;
Amendment 301 #
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) the conditions for authorising a regulated market, an investment firm, including a systematic internaliser or an investment firm or market operator operating an MTF or an OTF for a deferred publication of trades and the criteria to be applied when deciding the transactions for which, due to their size or the type (including prevailing liquidity profile or the specific characteristics of the trading activity) of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument involved, deferred publication is allowed for each class of financial instrument concerned.