#1657205
An Sásra Caidhpeála Méide
Volume Cap Mechanism
Scag na torthaí
Bailiúcháin
5 thoradh in 2 dhoiciméad
#1656938
Chun aon tionchar diúltach ar an bpróiseas foirmithe praghsanna a sheachaint, is gá sásra caidhpeála méide iomchuí a thabhairt isteach d’orduithe a dhéantar i gcórais atá bunaithe ar mhodheolaíocht trádála lena ndéantar an praghas a chinneadh i gcomhréir le praghas tagartha agus d’idirbhearta réamhshocraithe áirithe.
In order to avoid any negative impact on the price formation process, it is necessary to introduce an appropriate volume cap mechanism for orders placed in systems which are based on a trading methodology by which the price is determined in accordance with a reference price and for certain negotiated transactions.
#1657209
Ní bheidh feidhm ag an sásra caidhpeála méide sin maidir le hidirbhearta réamhshocraithe a bheidh i scair, in admháil tasclainne, in ETF, i ndeimhniú nó in ionstraim airgeadais eile dá samhail nach mbeidh margadh leachtach ann ina leith arna chinneadh i gcomhréir le hAirteagal 2(1)(17)(b) agus lena ndéileálfar laistigh de chéatadán de phraghas tagartha oiriúnach dá dtagraítear in Airteagal 4(1)(b)(ii), nó maidir le hidirbhearta réamhshocraithe a bheidh faoi réir coinníollacha seachas praghas reatha margaidh na hionstraime airgeadais sin, dá dtagraítear in Airteagal 4(1)(b)(iii).
That volume cap mechanism shall not apply to negotiated transactions which are in a share, depositary receipt, ETF, certificate or other similar financial instrument for which there is not a liquid market as determined in accordance with Article 2(1)(17)(b) and are dealt within a percentage of a suitable reference price as referred to in Article 4(1)(b)(ii), or to negotiated transactions that are subject to conditions other than the current market price of that financial instrument as referred to in Article 4(1)(b)(iii).
#1657902
Cuirfear san áireamh sa tuarascáil dá dtagraítear i mír 1 tionchar úsáid an tarscaoilte faoi Airteagal 4(1)(a) agus (b)(i) ar mhargaí cothromais Eorpacha, agus ar an sásra caidhpeála méide faoi Airteagal 5, ag tagairt go háirithe do na nithe seo a leanas:
The report referred to in paragraph 1 shall include the impact on European equity markets of the use of the waiver under Article 4(1)(a) and (b)(i) and the volume cap mechanism under Article 5, with particular reference to:
#3186768
Le Rialachán (AE) 2024/791, leasaítear Rialachán (AE) Uimh. 600/2014 chun rialacha nua a chuimsiú maidir leis an sásra caidhpeála méide, maidir le rannchuidithe éigeantacha sonraí leis an soláthraí teilitéipe comhdhlúite, maidir le caighdeáin cáilíochta sonraí a bhfuil rannchuiditheoirí faoina réir agus maidir leis an toirmeasc ar íocaíocht a fháil i leith sreabhadh orduithe.
Regulation (EU) 2024/791 amends Regulation (EU) No 600/2014 to include new rules on the volume-cap mechanism, on mandatory contributions of data to the consolidated tape provider, on data quality standards to which contributors are subject and on the prohibition of receiving payment for order flow.