COBS 8.3.1

(a) An MTF Operator or OTF Operator must disclose to its members and the public as appropriate, on a continuous basis during normal trading, the following information relating to trading of Investments on its MTF or OTF:
(i) the current bid and offer prices and volume;
(ii) the depth of trading interest shown at the prices and volumes advertised through its systems for the Investments; and
(iii) any other information relating to Investments which would promote transparency relating to trading.
(b) The Regulator may waive or modify the disclosure requirement in Rule 8.3.1 in relation to certain transactions where the order size is predetermined, exceeds a preset and published threshold level and the details of the exemption are made available to an MTF Operator or OTF Operator's members and the public.
(c) In assessing whether an exemption from pre-trade disclosure should be allowed, the Regulator will take into account factors such as:
(i) the level of order threshold compared with normal market size for the Investment;
(ii) the impact such an exemption would have on price discovery, fragmentation, fairness and overall market quality;
(iii) whether there is sufficient transparency relating to trades executed without pre-trade disclosure (as a result of orders executed on execution platforms without pre-trade transparency), whether or not they are entered in transparent markets;
(iv) whether the MTF Operator or OTF Operator supports transparent orders by giving priority to transparent orders over dark orders, for example, by executing such orders at the same price as transparent orders; and
(v) whether there is adequate disclosure of details relating to dark orders available to members and other participants on the Facility to enable them to understand the manner in which their orders will be handled and executed on the Facility.
(d) When making disclosure, an MTF Operator or OTF Operator must adopt a technical mechanism by which the public can differentiate between transactions that have been transacted in the central order book and transactions that have been reported to the Facility as off-order book transactions. Any transactions that have been cancelled pursuant to its rules must also be identifiable.
(e) An MTF Operator or OTF Operator must use appropriate mechanisms to enable pre-trade information to be made available to the public in an easy to access and uninterrupted manner at least during business hours. An MTF Operator or OTF Operator may charge a reasonable fee for the information which it makes available to the public.
Amended on (3 February, 2020).