Application of post-trade transparency to certain types of transactions executed outside a trading venue
(Article 20(1) of Regulation (EU) No 600/2014)
The obligation in Article 20(1) of Regulation (EU) No 600/2014 shall not apply to the following:
(a)excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (5) where applicable.
(b)give-up transactions or give-in transactions, which are any of the following transactions:
(i)a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii)a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.