Market operators and investment firms operating a UK trading venue that would like a pre-trade transparency waiver must apply to us in advance. Find out how to apply for waivers and deferrals.
Applications for waivers
You must submit complete applications and give us enough notice to review them. This applies to equity and non-equity instruments.
Notice
Before applying for a non-equity waiver you may wish to consider the implications of the changes to the transparency rules detailed in PS24/14: Improving transparency for bond and derivatives markets[2].
In particular, please note that we have provided a transitional provision that enables trading venues not to apply pre-trade transparency to voice and RFQ trading systems from 31 March 2025. Details can be found at MAR TP Transition provisions relating to trading venue operators and transparency investment firms[3].
Notification by UK trading venues of attempts to use waivers to circumvent regulatory requirements
UK trading venues must immediately notify us of any attempts to use the relevant waiver to circumvent regulatory requirements. There is no form for this type of notification, so email the relevant information to your usual supervisory contact or the MTF / OTF supervision team: [email protected].
For more information, refer to:
- Article 4(3) (c) of UK MiFIR
- the full list of Trading Venue Notifications (RMs, MTFs, OTFs)[4] – please note this document is being updated, however you can continue to refer to its guidance
Pre-trade transparency waiver for SIs in non-equity instruments
The obligation on Systematic Internalisers (SIs) to disclose quotes to their clients on request, if they agree to provide a quote, can be waived if the relevant requirements in Article 18(2) of UK MiFIR are met. Please refer to MAR 6[5] for more information.
Post-trade transparency deferral applications
We can also authorise applications by trading venues to defer publication of post-trade data.
How to apply
Operators of UK trading venues must send us requests to defer post-trade publication in writing with enough notice before the deferral takes effect.
Your application must include:
- the specific arrangements for deferral
- the reasons for deferral
- how the relevant requirements in UK MiFIR and technical standards have been met
- the date it is being submitted to us
- the date on which the exemption is intended to take effect
- the classes of financial instruments the exemption would apply to
- the name and contact details of the applicant
If you are operating more than one UK trading venue, you will have to apply for each individually.
Send your applications to the UK trading venue’s usual supervisory contact at 12 Endeavour Square, London, E20 1JN.
