Boerse_Berlin_Equiduct

MiFID Compliance The European Securities and Markets Authority (ESMA) officially con- firmed that the Equiduct market model complies with the requirements for hybrid systems under Article 17(5) of the MiFID Implementing Regulation by “...maintaining a standard of pre-trade transparen- cy that ensures the adequate information is made public as to the price level of orders or quotes for each share... as well as the level of trading interest in that share.” In other words, the system is considered pre-trade transparent and MiFID compliant. 1 ESMA opinion dated 26 March 2012, ESMA/2012/222 32

Boerse_Berlin_Equiduct

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