After reviewing Börse Berlin´s Equiduct market model the European Securities and Markets Authority (ESMA) today officially confirmed that Börse Berlin observes its MiFID obligations, particularly regarding pre-trade transparency.
In order to review compliance with pre-trade transparency ESMA started a Europe-wide survey covering all trading venues in 2011. The focus had been lying on waivers from pre-trade transparency obligations. In the past the decision to grant or refuse these exemptions lay with the national authorities. In the course of this survey Börse Berlin presented its Equiduct market model in November 2011, highlighting its advanced, retail client focused, free of charge pre-trade transparency solution “Market Viewer”. The tool offers the volume weighted best price (VBBO) for the following volumes:
- Retail size
- Guaranteed maximum size
- Individual size (client entry)
All of the above is also available through data feeds.
ESMA´s official confirmation makes it an approved pan-European trading venue under German law to be recognized by all EU member states´ national financial supervisory authorities.
Artur Fischer, Joint CEO of Börse Berlin and responsible for all regulatory affairs of the Equiduct market, welcomes ESMA´s decision: “Now our trading participants can be confident to offer their clients the same regulatory quality as their home market.”
The European Securities and Markets Authority (ESMA) is a federation of the EU member states´ national financial supervisory authorities. The objective of this independent EU commission is to ensure the stability of the European financial market.