Requirement (MIFID)
Article 4 References to trading day
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. A reference to a trading day in relation to a trading venue, or
in relation to post-trade information to be made public under
Article 30 or 45 of Directive 2004/39/EC in relation to a share,
shall be a reference to any day during which the trading venue
concerned is open for trading.
A reference to the opening of the trading day shall be a reference
to the commencement of the normal trading hours of the
trading venue.
A reference to noon on the trading day shall be a reference to
noon in the time zone where the trading venue is established.
A reference to the end of the trading day shall be a reference to
the end of its normal trading hours.
2. A reference to a trading day in relation to the most relevant
market in terms of liquidity for a share, or in relation to posttrade
information to be made public under Article 28 of
Directive 2004/39/EC in relation to a share, shall be a reference
to any day of normal trading on trading venues in that market.
A reference to the opening of the trading day shall be a reference
to the earliest commencement of normal trading in that share on
trading venues in that market.
A reference to noon on the trading day shall be a reference to
noon in the time zone of that market.
A reference to the end of the trading day shall be a reference to
the latest cessation of normal trading in that share on trading
venues in that market.
3. A reference to a trading day in relation to a spot contract,
within the meaning of Article 38(2), shall be a reference to any
day of normal trading of that contract on trading venues.