MIR 3.5.4 [Deleted]

(a) Where the Recognised Investment Exchange operates a continuous auction order book trading system, it shall, for each Financial Instrument, make public continuously throughout its normal trading hours the aggregate number of orders and of the Financial Instruments those orders represent at each price level, for the five best bid and offer price levels.
(b) Where the Recognised Investment Exchange operates a quote-driven trading system, it shall, for each Financial Instrument, make public continuously throughout its normal trading hours the best bid and offer by price of each market maker in that Financial Instrument, together with the volumes attaching to those prices. The quotes made public shall be those that represent binding commitments to buy and sell the Financial Instruments and which indicate the price and volume of Financial Instruments in which the registered market makers are prepared to buy or sell. In exceptional market conditions, however, indicative or one-way prices may be allowed for a limited time.
(c) Where the Recognised Investment Exchange operates a periodic auction trading system, it shall, for each Financial Instrument, make public continuously throughout its normal trading hours the price that would best satisfy the system's trading algorithm and the volume that would potentially be executable at that price by participants in that system.
(d) Where the Recognised Investment Exchange operates a trading system which is not wholly covered by paragraphs (b) or (c) or (d), either because it is a hybrid system falling under more than one of those paragraphs or because the price determination process is of a different nature, it shall maintain a standard of pre-trade transparency that ensures that adequate information is made public as to the price level of orders or quotes for each Financial Instrument, as well as the level of trading interest in that Financial Instrument.

In particular, the five best bid and offer price levels and/or two-way quotes of each market maker in that Financial Instrument shall be made public, if the characteristics of the price discovery mechanism permit it.
(e) A summary of the information to be made public in accordance with paragraphs (b) to (e) is specified in the table in Rule 3.5.5.