Transparency Waivers and Deferrals

Market operators and investment firms operating a trading venue who would like a pre-trade transparency waiver must apply to their competent authority to get prior approval. 

Find out how to apply for waivers and deferral applications.

Pre-trade transparency waiver applications

Competent authorities must notify ESMA and other competent authorities of how each individual waiver is intended to be used.  And provide an explanation of how it will function at least four months before the waiver is intended to take effect.

As of 3 January 2018, MiFIR requirements mean that once ESMA has received a waiver notification it has 2 months to issue a non-binding opinion on the compatibility of each waiver.

Pre-trade transparency waiver applications for SIs in non-equity instruments

The obligation on SIs to disclose quotes to their clients on request if they agree to provide a quote can be waived if the relevant requirements in Article 18(2) of MiFIR are met. Please refer to MAR 6

Applications for waivers

Applications must be submitted at least five months before the waiver is intended to take effect.  This allows enough time to make an assessment, before the notification is to be sent to ESMA and other competent authorities.

Apply for a waiver

Notification by trading venues of attempts to use waivers to circumvent MiFID obligations

In accordance with Article 4(3)(c) MIFIR, trading venues are required to immediately notify the FCA of any attempts to use the relevant waiver to circumvent MiFIR or MIFID II obligations. There is no prescribed form in relation to these types of notification. As such, notifications should contain relevant information and be sent by email to the usual supervisory contact or the MTF / OTF supervision team at [email protected]

Full list of Trading Venue Notifications (RMs, MTFs, OTFs)

Post-trade transparency deferral applications

We can also authorise applications to defer publication of post-trade data.

Although ESMA is required to monitor the application of deferred trade publication arrangements, unlike pre-trade transparency waivers there are no requirements for them to issue an opinion.

How to apply

Operators of trading venues must send us requests to defer post-trade publication in writing with enough notice before the deferral take effect.

Your application must include:

  • the specific arrangements for deferral
  • reasons for deferral
  • how the relevant requirements in MiFIR and the regulatory technical standards have been met
  • date it is being submitted to us
  • the date on which the exemption is intended to take effect
  • the classes of financial instruments the exemption would apply to
  • name and contact details of the applicant

If you are operating more than one trading venue, you will have to apply for each individually.

Applications should be sent to the trading venue’s usual supervisory contact to 12 Endeavour Square, London, E20 1JN.

Key legislative references

Description Legislative basis                 
Transparency waiver application  for trading venues for equity and non-equity instruments (pre-trade waivers) Art 4(1) MiFIR
• Art 9(1) MiFIR
• RTS 1
• RTS 2
• MAR 5.7.1A D, in CP
15/43, for MTFs.
• MAR 5A.10.1 D, in CP 
15/43, for OTFs. (non- equity instruments only)
• REC 2.6.10 EU and REC
2.6.11C EU, in CP 15/43, for RMs.
Notification by trading venues of attempts to use waivers to circumvent MiFID obligations • Art 4(3)(c) MiFIR
Transparency deferrals for trading venues for equity and non- equity instruments (post-trade deferrals) • Art 7(1) MiFIR
• Art 11(1) MiFIR
• RTS 1
• RTS 2