CHAPTER IIPRE-TRADE TRANSPARENCY

Section 2 Pre-trade transparency for systematic internalisers and investment firms trading outside a trading venue

Article 9Arrangements for the publication of a firm quote(Article 14(1) of Regulation (EU) No 600/2014)

Any arrangement that a systematic internaliser adopts in order to comply with the obligation to make public firm quotes shall satisfy the following conditions:

  1. (a)

    the arrangement includes all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected;

  2. (b)

    the arrangement complies with technical arrangements equivalent to those specified for approved publication arrangements (APAs) in Article 15 of Delegated Regulation (EU) 2017/571 that facilitate the consolidation of the data with similar data from other sources;

  3. (c)

    the arrangement makes the information available to the public on a non-discriminatory basis;

  4. (d)
    the arrangement includes the publication of the time the quotes have been entered or amended in accordance with Article 50 of Directive 2014/65/EU as specified in Commission Delegated Regulation (EU) 2017/5749.