returning to the issue of pre-and post-trade transparency for financial instruments other than shares, because, it is important to clarify some we refer to particular passages normativi.In Consob Markets:
d.16191 of October 30, 2007 Chapter III Regime of pre-and post-trading financial instruments differ from shares admitted to trading on regulated markets.
Art.32 (pre-and post-trade transparency requirements for trading on regulated markets and MTFs)
1.The management companies and individuals operating an MTF establish and maintain appropriate procedures in its rules of transparency pre-and post negociations with financial instruments other than shares, Taking into account the structural features of the market, the type of instrument finanziario negoziato e del tipo di operatori, con particolare riguardo alla quota di partecipazione al mercato degli investitori al dettaglio.
2.Le informazioni pre e post negoziazione determinate ai sensi del comma 1 sono rese pubbliche a condizioni commerciali ragionevoli ed in modo da essere facilmente accessibili.
L’articolo 33 ripresenta la stessa dicitura dell’art.32 con riferimento agli internalizzatori sistematici.
E’ opportuno chiarire il concetto di “stabiliscono e mantengono” :il regime di trasparenza per strumenti diversi dalle azioni per quanto riguarda i mercati regolamentati,i sistemi multilaterali di negoziazione e gli internalizzatori sistematici NON OBBLIGA ad uno specifico modello di trasparenza but requires the subject (regulated market / MTF / internaliser) an evaluation system for the detection of pù appropriate, taking into account specified factors (the specific market characteristics, type of financial instrument traded, the size of operators and type operators, in particular including the extent of retail investors).
For example: X
internalisation Bank until October 30, 2007 had its own SSO negotiations where they were branded bond (its emissions) and non-branded bonds (Eurobonds "to basket"). The Bank, subject to the choice of continue to operate as a systematic internalzzatore (indicating all'Autority by March 30, 2008) must decide which system to adopt transparency. It 'clear that the choice will probably maintain a regime of transparency not less than the previous year (SSO) and in particular due to the type of customer that is retail, it is biased for the solution to extend the pre-and post-trade transparency internalisation joint view of the existence of all the factors specified (see above). As for the "use" of this service, it would seem easier, even if commercially totally free of charge, the possibility of allowing customers to check the prices on the website of Bank X (perhaps in the section with a password so "public" solo per i clienti).
d.16191 of October 30, 2007 Chapter III Regime of pre-and post-trading financial instruments differ from shares admitted to trading on regulated markets.
Art.32 (pre-and post-trade transparency requirements for trading on regulated markets and MTFs)
1.The management companies and individuals operating an MTF establish and maintain appropriate procedures in its rules of transparency pre-and post negociations with financial instruments other than shares, Taking into account the structural features of the market, the type of instrument finanziario negoziato e del tipo di operatori, con particolare riguardo alla quota di partecipazione al mercato degli investitori al dettaglio.
2.Le informazioni pre e post negoziazione determinate ai sensi del comma 1 sono rese pubbliche a condizioni commerciali ragionevoli ed in modo da essere facilmente accessibili.
L’articolo 33 ripresenta la stessa dicitura dell’art.32 con riferimento agli internalizzatori sistematici.
E’ opportuno chiarire il concetto di “stabiliscono e mantengono” :il regime di trasparenza per strumenti diversi dalle azioni per quanto riguarda i mercati regolamentati,i sistemi multilaterali di negoziazione e gli internalizzatori sistematici NON OBBLIGA ad uno specifico modello di trasparenza but requires the subject (regulated market / MTF / internaliser) an evaluation system for the detection of pù appropriate, taking into account specified factors (the specific market characteristics, type of financial instrument traded, the size of operators and type operators, in particular including the extent of retail investors).
For example: X
internalisation Bank until October 30, 2007 had its own SSO negotiations where they were branded bond (its emissions) and non-branded bonds (Eurobonds "to basket"). The Bank, subject to the choice of continue to operate as a systematic internalzzatore (indicating all'Autority by March 30, 2008) must decide which system to adopt transparency. It 'clear that the choice will probably maintain a regime of transparency not less than the previous year (SSO) and in particular due to the type of customer that is retail, it is biased for the solution to extend the pre-and post-trade transparency internalisation joint view of the existence of all the factors specified (see above). As for the "use" of this service, it would seem easier, even if commercially totally free of charge, the possibility of allowing customers to check the prices on the website of Bank X (perhaps in the section with a password so "public" solo per i clienti).
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