The Spanish
Securities Market
order to further transparency and efficiency, official se-
condary markets will make publicly available the price,
volume and time of executed trades.
The law establishes certain organisational and trans-
parency obligations for multilateral trading systems, both
prior and subsequent to trading, similar is scope to the
requirements for official secondary markets.
Pre-trade systematic internaliser transparency obli-
gations vary depending on if the share is liquid or not
and if the size of the order is larger than normal market
Pre-trade transparency. Systematic internalisers
should generally make firm quotes publicly available
when client orders are for liquid listed shares and when
their orders are equal or less than the standard market size.
In the case of illiquid shares, systematic interna-
lisers only divulge quotes at the request of the client.
In the case where there is a liquid market for a
share, but the size of the order is greater than normal,
systematic internalisers are not obliged to publish firm
Post-trade transparency. Systematic internalisers
will make public the size and price of trades done
in shares listed on regulated markets, off-market or
through a multilateral trading system.
Supervisory cooperation is essential as the integra-
tion of the European and transnational business activity
advances. The established regulations arising from the
implementation of MiFID on information to be disclo-
sed on financial instruments operations aim to guaran-
tee that the pertinent authorities are properly informed
of the operations they supervise. For this it is necessary
to ensure that all investment firms collect a single set of
data with minimal differences between Member States,
in order to minimise differences in reporting require-
ments affecting businesses operating across borders,
and that the competent authorities have at their dispo-
sal the maximum possible proportion of information
that they can share with other pertinent authorities.
The Committee of European Securities Regulators
(CESR) has, over recent years, been working on deve-
loping measures to strengthen European supervisory
coordination. In January 2011, the CESR became the
European Securities and Markets Authority (ESMA), and
took on, having had a consultative role previously, an
implementation capacity, which allows it to make lega-
lly binding decisions.
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