MAR 11A.2 Reference price waiver

Article 3 of MiFIR does not apply in respect of systems matching orders based on a trading methodology by which the price of the equity transparency instrument is derived from:

(1) the trading venue where that financial instrument was first admitted to trading; or

(2) any other trading venue,

and the reference price is widely published and regarded by market participants as a reliable reference price.

The amount of liquidity associated with the reference price should be an indicator of whether the reference price is reliable for the purposes of MAR 11A.2.1R.

The reference price in MAR 11A.2.1R must be established by obtaining:

(1) the midpoint within the current bid and offer prices of the trading venue to which MAR 11A.2.1R applies; or

(2) when the price referred to in (1) is not available, the opening or closing price of the relevant trading session.

Orders must only reference the price referred to in MAR 11A.2.3R(2) outside the continuous trading phase of the relevant trading session.

The midpoint in MAR 11A.2.3R(1) may be derived from the current bid and offer prices of more than one trading venue.