MIR 3.5.5 Information to be made public

Type of Trading system Description of system Summary of information to be made public for each Financial Instrument
Continuous auction order book trading system A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with matching buy orders on the basis of the best available price on a continuous basis. The aggregate number
of orders and the Financial Instruments those orders represent, at each price level, for at least the five best bid and offer price levels.
Quote-driven trading system A system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of Members and participants to deal in a commercial size and the risk to which the market maker exposes itself. 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.
Periodic auction trading system A system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention. 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 the system.
Trading system
not covered by first three trading systems
A hybrid system falling into two or more of the first three trading systems or a system where the price determination process is of a different nature than that applicable to the types of system covered by the first three trading systems. Adequate information as to the price level of orders or quotes for each Financial Instrument, and of the 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 the Financial Instrument, if the characteristics of the price discovery mechanism so permit.