Knowledge Base

← Market Functioning and Organization

Questions

Which party is responsible for publishing an OTC transaction when the buyer is a systematic internaliser (SI) and the seller is not?

The seller
The buyer SI
The APA
The AMF

What percentage of equity transaction volume historically escaped pre-trade transparency according to ESMA?

30%
40%
60%
80%

What is the primary role of transaction publication for the efficiency of financial markets?

To reduce transaction costs
To form prices, reduce information asymmetries, and monitor market integrity
To increase market liquidity
To simplify administrative processes

What are the two fundamental channels for transaction publication under MiFIR?

Trading venues and OTC transactions
Regulated markets and private transactions
Centralised exchanges and bilateral transactions
Automated systems and manual transactions

The publication of transactions on a trading venue is done automatically as soon as the transaction is concluded.

True
False

Categorize items by dragging them to the appropriate zones

Items to categorize:

Automatic real-time publication
Involvement of an APA
Precise timestamping per RTS 25
Determination of the responsible entity under MiFIR
Categories:

Trading venues

OTC transactions

APAs are subject to strict security obligations to prevent any information leakage before publication.

True
False