management facility of the trading venue pending disclosure.
• Actionable indicators of interest in request- for-quote and voice trading systems that are above a size specifi c to the instrument, which would expose liquidity providers to undue risk, taking into account whether the relevant market participants are retail or wholesale investors. Where a waiver is granted under this limb, the venue must make public at least indicative pre- trade bid and offer prices which are close to the price of the trading interests advertised through their system.
• Derivatives which are not subject to the trading obligation and other fi nancial instruments for which there is not a liquid market.
In conjunction with deferred publication, competent authorities may:
• Request the publication of limited details of a transaction or details of several transactions in an aggregated form, or a combination thereof, during the time period of deferral.
• Allow the omission of the publication of the volume of an individual transaction during an extended time period of deferral.
• Regarding non-equity instruments that are not sovereign debt, allow the publication of several transactions in an aggregated form during an extended time period of deferral.
• Regarding sovereign debt instruments, allow the publication of several transactions in an aggregated form for an indefi nite period of time.
When the deferral time period lapses, the outstanding details of the transactions and all the details of the transactions on an individual basis will be published (except sovereign debt volumes which may be published in aggregate form). THFJ
ABOUT THE AUTHOR
JONATHAN MASTER Jonathan Master is a partner in the Financial Institutions Group at Eversheds LLP.
ANDREW HENDERSON Andrew Henderson is a partner in the Financial Institutions Group at Eversheds LLP. He specializes in fi nancial services regulation.
STEFANIE SAHLA-JONES Stefanie Sahla-Jones is an associate in the Financial Institutions Group at Eversheds LLP.
www.thehedgefundjournal.com VISIT OUR WEBSITE
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