Requirement (MIFID)
Article 10 Alternative determination of most relevant market in terms
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. A competent authority may, in January every year, notify the
relevant competent authority for a particular financial instrument
that it intends to contest the determination, made in
accordance with Article 9, of the most relevant market for that
instrument.
2. Within four weeks of the sending of the notification, both
authorities shall calculate the turnover for that financial
instrument in their respective markets over the period of the
previous calendar year.
If the results of that calculation indicate that the turnover is
higher in the market of the contesting competent authority, that
market shall be the most relevant market for that financial
instrument. Where that financial instrument is of a type specified
in Article 9(6)(a) or (b), that market shall also be the most
relevant market for any derivative contract or financial contract
for differences or transferable security which is covered by
Article 4(1)(18)(c) of Directive 2004/39/EC and in respect of
which that financial instrument is the underlying.
Comment
Applies to Second subparagraph of Article 25(3) of Directive 2004/39/EC