ESMA has published an update to its waiver document which provides information on the pre-trade transparency of trading systems already set up in the European Union and informs on the compliance of such systems with MiFID.

Waivers from MiFID’s trade transparency requirements are sometimes necessary in order to ensure the liquidity and efficiency of equity markets and ESMA has complied a Waiver Document to ensure that there is a level playing field across the EU in relation to the consistent application of such waivers.