1. A regulated market, MTF or systematic internaliser shall be
considered to publish pre-trade information on a continuous
basis during normal trading hours if that information is
published as soon as it becomes available during the normal
trading hours of the regulated market, MTF or systematic
internaliser concerned, and remains available until it is updated.
2. Pre-trade information, and post-trade information relating
to transactions taking place on trading venues and within normal
trading hours, shall be made available as close to real time as
possible. Post-trade information relating to such transactions
shall be made available in any case within three minutes of the
relevant transaction.
3. Information relating to a portfolio trade shall be made
available with respect to each constituent transaction as close to
real time as possible, having regard to the need to allocate prices
to particular shares. Each constituent transaction shall be
assessed separately for the purposes of determining whether
deferred publication in respect of that transaction is available
under Article 28.
4. Post-trade information relating to transactions taking place
on a trading venue but outside its normal trading hours shall be
made public before the opening of the next trading day of the
trading venue on which the transaction took place.
5. For transactions that take place outside a trading venue,
post-trade information shall be made public:
(a) if the transaction takes place during a trading day of the
most relevant market for the share concerned, or during the
investment firm's normal trading hours, as close to real
time as possible. Post-trade information relating to such
transactions shall be made available in any case within three
minutes of the relevant transaction;
(b) in a case not covered by point (a), immediately upon the
commencement of the investment firm's normal trading
hours or at the latest before the opening of the next trading
day in the most relevant market for that share.
Applies to Articles 27(3), 28(1), 29(1), 44(1) and 45(1) of Directive 2004/39/EC