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Annotated presentation of regulated markets and national provisions implementing relevant requirements of MIFID (Directive 2004/39/EC of the European Parliament and of the Council)

OJ C 158, 11.7.2009, p. 3–8 (BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
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11.7.2009   

EN

Official Journal of the European Union

C 158/3


Annotated presentation of regulated markets and national provisions implementing relevant requirements of MIFID (Directive 2004/39/EC of the European Parliament and of the Council)

2009/C 158/03

Article 47 of the Markets in Financial Instruments Directive (Directive 2004/39/EC, OJ L 145, 30.4.2004) authorises each Member State to confer the status of ‘regulated market’ on those markets constituted on its territory and which comply with its regulations.

Article 4, paragraph 1, point 14 of Directive 2004/39/EC defines a ‘regulated market’ as a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments — in the system and in accordance with its non-discretionary — rules in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorized and functions regularly and in accordance with the provisions of Title III of Directive 2004/39/EC.

Article 47 of Directive 2004/39/EC requires that each Member State maintains an updated list of regulated markets authorised by it. This information should be communicated to other Member States and the European Commission. Under the same Article (Article 47 of Directive 2004/39/EC), the Commission is required to publish a list of regulated markets, notified to it, on a yearly basis in the Official Journal of the European Union. The present list has been compiled pursuant to this requirement.

The attached list indicates the title of the individual markets which are recognised by national competent authorities as complying with the definition of ‘regulated market’. In addition, it indicates the entity responsible for managing these markets and the competent authority responsible for issuing or approving the rules of the market.

As a result of reduced entry barriers and specialisation in trading segments, the list of ‘regulated markets’ is subject to greater turnover than under the Investment Services Directive 93/22/EEC. Article 47 of the Markets in Financial Instruments Directive also requires the European Commission to publish the list of regulated markets on its website and to update it regularly. Consequently, the European Commission will, in addition to yearly publication of a list in the OJ, maintain an updated version of this list on its official website (http://ec.europa.eu/internal_market/securities/isd/mifid_en.htm). This list will be updated regularly on the basis of information communicated by national authorities. The latter are called upon to continue to advise the Commission of any additions to or deletions from the list of regulated markets for which it is the home Member State.

Country

Title of Reg. Market

Operating entity

Competent authority for designation and oversight of market

Austria

1.

Amtlicher Handel (official market)

2.

Geregelter Freiverkehr (semi-official market)

1.-2.

Wiener Börse AG

1.-2.

Finanzmarktaufsichtsbehörde (FMA — Financial Markets Authority)

Belgium

1.

(a)

Le marché «Euronext Brussels»/De «Euronext Brussels» markt,

(b)

Le marché des instruments dérivés d'Euronext Brussels/De markt voor afgeleide producten van Euronext Brussels.

1.

Euronext Brussels SA/NV.

1.

(a)

Reconnaissance: Ministre des Finances sur avis de la Commission bancaire, financière et des assurances (CBFA).

Erkenning: Minister van Financiën op advies van de Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)

(b)

Surveillance: CBFA.

Toezicht: CBFA

2.

Le marché réglementé hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie/De gereglementeerde buitenbeursmarkt van de lineaire obligaties, de gesplitste effecten en de schatkistcertificaten.

2.

Fonds des rentes/Rentenfonds.

2.

(a)

Reconnaissance: Législateur (art. 144, §2 de la loi du 2.8.2002).

Erkenning: Regelgever (art. 144, §2 van de wet van 2.8.2002).

(b)

Surveillance: Comité du Fonds des rentes, pour compte de la CBFA.

Toezicht: Comité van het Rentenfonds, voor rekening van de CBFA

Bulgaria

1.

Официален пазар (official market)

2.

Неофициален пазар (unofficial market)

Българска Фондова Борса — София АД (Bulgarian Stock Exchange — Sofia JSCo)

Комисия за финансов надзор (Financial Supervision Commission)

Cyprus

Cyprus Stock Exchange

1.

Main market

2.

Parallel market

3.

Alternative market

4.

Bond market

5.

Investment Companies markets

6.

Large Project Market

7.

Ocean-going shipping market

1.-7.

Cyprus Stock Exchange

1.-7.

Cyprus Securities and Exchange Commission

Czech Republic

1.

Main Market (Hlavní trh)

2.

Free Market (Volný trh)

3.

Official Market

4.

Futures Market

5.

Spot Market

1.-2.

Prague Stock Exchange

(Burza cenných papírů Praha, a.s.)

3.

RM-SYSTEM, Czech stock exchange

(RM-SYSTÉM, česká burza cenných papírů a.s.)

4.-5.

Prague Energy Exchange

(Energetická burza Praha)

1.-5.

Czech National Bank

Denmark

1.

NASDAQ OMX Copenhagen A/S

Equity market;

Bond market;

Derivatives market

1.

Copenhagen Stock Exchange AS

Finanstilsynet (Danish financial supervisory authority)

2.

Dansk Autoriseret Markedsplads A/S (Danish Authorised Market Place Ltd. (DAMP)) [authorised market place = regular trade in securities admitted for trading but not listed on stock exchange]

2.

Danish Authorised Market Place AS (DAMP)

Estonia

1.

Väärtpaberibörs (Stock Exchange)

Põhinimekiri (Main list)

Võlakirjade nimekiri (Bond list )

Fondiosakute nimekri (Fund list)

NASDAQ OMX Tallinn AS

(NASDAQ OMX Tallinn Ltd.)

Finantsinspektsioon

(Estonian Financial Supervision Authority)

2.

Reguleeritud turg

(Regulated Market)

Lisanimekiri (Secondary List)

 

 

Finland

Arvopaperipörssi (Stock Exchange);

Pörssilista (Official list);

Pre-lista (Pre List);

Muut arvopaperit -lista (Other Securities List)

NASDAQ OMX Helsinki Oy (NASDAQ OMX Helsinki Ltd.)

Designation:

Ministry of Finance.

Oversight:

Approval of rules: Ministry of Finance;

Supervision of compliance:

Finanssivalvonta, Finnish Financial Supervisory Authority

France

1.

Euronext Paris

2.

MATIF

3.

MONEP

Euronext Paris (1-3)

Proposition de l’Autorité des marchés financiers (AMF).

Reconnaissance par le ministre chargé de l’économie (cf. article L. 421-1 du code monétaire et financier).

Germany

 

 

Börsenaufsichtsbehörden der Länder (stock exchange supervisory authorities of the federal states) and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

State authorities:

1.

Börse Berlin (Regulierter Markt)

1.

Börse Berlin AG.

1.

Senatsverwaltung für Wirtschaft, Technologie und Frauen, Berlin

2.

Düsseldorfer Börse (Regulierter Markt)

2.

Börse Düsseldorf AG.

2.

Finanzministerium des Landes Nordrhein-Westfalen, Düsseldorf

3.

Frankfurter Wertpapierbörse (Regulierter Markt);

3.

Deutsche Börse AG.

3 & 4.

Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Wiesbaden

4.

Eurex Deutschland

4.

Eurex Frankfurt AG

5.

Hanseatische Wertpapierbörse Hamburg (Regulierter Markt, Startup market)

5.

BÖAG Börsen AG

5.

Freie und Hansestadt Hamburg, Behörde für Wirtschaft und Arbeit

6.

Niedersächsische Börse zu Hannover (Regulierter Markt)

6.

BÖAG Börsen AG

6.

Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hannover

7.

Börse München (Regulierter Markt)

7.

Bayerische Börse AG

7.

Bayerisches Staatsministerium für Wirtschaft, Infrastruktur, Verkehr und Technologie, München

8.

Baden-Württembergische Wertpapierbörse(Regulierter Markt)

8.

Börse-Stuttgart AG

8.

Wirtschaftsministerium Baden-Württemberg, Stuttgart

9.

Risk Management Exchange Hannover (Regulierter Markt)

9.

RMX Hannover

9.

Niedersächsisches Ministerium für Wirtschaft, Arbeit und Verkehr, Hannover

10.

European Energy Exchange

10.

European Energy Exchange AG, Leipzig

10.

Sächsisches Staatsministerium für Wirtschaft und Arbeit, Dresden

Greece

1.

Athens Exchange

Securities Market

Derivatives Market

1.

Athens Exchange

1.

Hellenic Capital Market Commission (HCMC)

2.

Electronic Secondary Securities Market (HDAT-Debt Instruments’ Market)

2.

Bank of Greece

2.

Hellenic Capital Market Commission (HCMC)

Hungary

Budapesti Értéktőzsde Zrt. (Budapest Stock Exchange)

Részvényszekció (Equities Section)

Hitelpapír szekció (Debt Securities Section)

Származékos szekció (Derivatives Section)

Áru szekció (Commodities Section)

Budapesti Értéktőzsde Zrt. (Budapest Stock Exchange)

Pénzügyi Szervezetek Állami Felügyelete (Hungarian Financial Supervisory Authority)

Ireland

Main Market of the Irish Stock Exchange

Irish Stock Exchange Ltd.

The Irish Financial Services Regulatory Authority (‘Financial Regulator’) authorises ‘regulated markets’ and (excluding listing conditions) supervises compliance with MiFID requirements by the Market Operator.

Italy

1.

Electronic Share Market (MTA)

2.

Electronic Bond Market (MOT)

3.

Electronic Open-end Funds and ETCs Market (ETF-Plus)

4.

Electronic Securitised Derivatives Market (SeDeX)

5.

The Market After Hour (TAH)

6.

Italian Derivatives Market for the trading of the Financial Instruments referred to in Articles 1(2)(f) and 1(2)(i) of the Consolidated Law on Finance (IDEM)

7.

Wholesale Italian and Foreign Government Bond Market (MTS)

8.

Wholesale Trading in Non-Government Bonds and Securities Issued by International Organisations with Government Participation (MTS Corporate)

9.

Wholesale Online Trading in Government Bonds (BondVision)

10.

TLX Market

1-6

Borsa Italiana S.p.A.

7-9

Società per il Mercato dei Titoli di Stato — MTS S.p.A.

10.

TLX s.p.a.

Consob authorises companies which manage markets and approve their by-laws and regulations.

For wholesale markets for Government securities, the operating company is authorised by the Ministry of Economy and Finance having regard to the opinion of Consob and Banca d’Italia.

Latvia

NASDAQ OMX Riga:

Main list;

Debt list;

Secondary list;

Funds list.

JSC NASDAQ OMX Riga

Finanšu un kapitāla tirgus komisija (Financial and Capital Market Commission)

Lithuania

Nasdaq OMX Vilnius:

The Main List of the Nasdaq OMX Vilnius

The Secondary list of the Nasdaq OMX Vilnius

The Debt Securities List of the Nasdaq OMX Vilnius

The Funds List of the Nasdaq OMX Vilnius

Nasdaq OMX Vilnius

Lithuanian Securities Commission

Luxembourg

Bourse de Luxembourg

Société de la Bourse de Luxembourg S.A.

Commission de surveillance du Secteur Financier

Malta

Malta Stock Exchange

Malta Stock Exchange

Malta Financial Services Authority

Netherlands

1.

(a)

Euronext Amsterdam Cash Market:

Euronext Amsterdam

(b)

Euronext Amsterdam Derivatives Market

1.

NYSE Euronext (International) BV, NYSE Euronext (Holding) BV, Euronext NV, Euronext (Holdings) NV en Euronext Amsterdam NV

1.-3.

License by the Minister of Finance after advice from the Netherlands Authority for the Financial Markets

Supervision by the Netherlands Authority for the Financial Markets and The Dutch Ministry of Finance.

2.

Endex

2.

ENDEX European Energy Derivatives Exchange N.V.

3.

MTS Amsterdam

3.

MTS Amsterdam N.V.

Poland

1.

Rynek podstawowy (Main Market)

2.

Rynek równolegly (Parallel Market)

3.

Rynek Papierów Wartosciowych CeTO (regulowany rynek pozagieldowy) (CeTO Securities Market Regulated Off-exchange market)

1. and 2.

Gielda Papierów Wartościowych w Warszawie (Warsaw Stock Exchange)

3.

MTS-CeTO S.A.

Komisja Nadzoru Finansowego (Financial Supervisory Commission)

Portugal

1.

Eurolist by Euronext Lisbon (Official Listing Market)

2.

Mercado de Futuros e Opções (Futures and Options Market)

3.

MEDIP — Mercado Especial de Dívida Pública (Special Market for Public Debt)

4.

MIBEL — Mercado Regulamentado de Derivados do MIBEL.

(Energy Market)

1.-2.

Euronext Lisbon — Sociedade Gestora de Mercados Regulamentados, S.A.

3.

MTS Portugal — Sociedade Gestora do Mercado Especial de Dívida Pública, SGMR, S.A.

4.

OMIP — Operador do Mercado Ibérico de Energia (Pólo Português), Sociedade Gestora de Mercado Regulamentado, SA (OMIP).

Finance Ministry authorises markets by proposal from the Comissão do Mercado de Valores Mobiliários (CMVM, responsible for market regulation and supervision).

Romania

1.

Piața reglementată (Spot Regulated Market –BVB)

2.

Piața reglementată la termen (Derivatives Regulated Market – BVB)

3.

Piața reglementată – (Derivatives Regulated Market – BMFMS)

1. and 2.

S.C. Bursa de Valori București S.A. (Bucharest Stock Exchange S.A.)

3.

S.C. Bursa Monetar Financiară și de Mărfuri S.A. Sibiu (Monetary — Financial and Commodities Exchange S.A. Sibiu)

Comisia Națională a Valorilor Mobiliare (Romanian National Securities Commission)

Comisia Națională a Valorilor Mobiliare (Romanian National Securities Commission)

Slovak Republic

1.

Market of Listed Securities

Main Listed market

Parallel Listed Market

2.

Regulated Free Market

Bratislava Stock Exchange

National Bank of Slovakia

Slovenia

Ljubljana Stock Exchange official market (Borzni trg)

Ljubljana Stock Exchange (Ljubljanska borza)

Securities Markets Agency

(Agencija za trg vrednostnih papirjev)

Spain

A.

Bolsas de Valores (all comprise first, and second market segments)

 

CNMV (Comisión Nacional del Mercado de Valores)

Banco de España responsible for market for public debt.

1.

Bolsa de Valores de Barcelona;

A1.

Sociedad Rectora de la Bolsa de Valores de Barcelona S.A.

 

2.

Bolsa de Valores de Bilbao;

A2.

Soc. Rectora de la Bolsa de Valores de Bilbao S.A.

 

3.

Bolsa de Valores de Madrid;

A3.

Soc. Rectora de la Bolsa de Valores de Madrid S.A.

 

4.

Bolsa de valores de Valencia.

A4.

Soc. Rectora de la Bolsa de Valores de Valencia. S.A.

 

B.

Mercados oficiales de Productos Financieros Derivados

 

 

1.

MEFF Renta Fija;

B1.

Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A.

 

2.

MEFF Renta Variable.

B2.

Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A.

 

C.

Mercado MFAO de Futuros del Aceite de Oliva

C.

(MFAO) Sociedad rectora del Mercado de Futuros del Aceite de Oliva, S.A.

 

D.

AIAF Mercado de Renta Fija

D.

AIAF Mercado de Renta Fija

 

E.

Mercados de Deuda Pública en Anotaciones

E.

Banco de España

 

Sweden

Nasdaq OMX Stockholm AB

regulated market for shares and financial instruments equivalent to shares

regulated market for derivatives

regulated market for bonds and financial instruments equivalent to bonds

OMX Nordic Exchange Stockholm AB

Finansinspektionen (Financial Supervisory Authority)

United kingdom

1.

EDX

1.

EDX London Limited

1.-6.

Financial Services Authority

2.

PLUS-Markets Group — PLUS-listed Market

2.

PLUS Markets plc

3.

The London International Financial Futures and Options Exchanges (LIFFE)

3.

LIFFE Administration and Management

4.

The London Metal Exchange

4.

The London Metal Exchange Limited

5.

Intercontinental Exchange — ICE Futures Europe

5.

ICE Futures Europe

6.

London Stock Exchange — Regulated Market

6.

London Stock Exchange plc

Iceland

OMX Nordic Exchange á Islandi (regulated market)

OMX Nordic Exchange

Fjármálaeftirlitið (Financial Supervisory Authority)

Liechtenstein

N.A.

N.A.

N.A.

Norway

1.

Oslo Stock Exchange (official listing)

Equity Market

Derivatives Market (financial)

Bonds Market

1.

Oslo Børs ASA

Kredittilsynet (Financial Supervisory Authority of Norway)

2.

Oslo Axess

Equity Market

2.

Oslo Børs ASA

3.

Nord Pool (official listing)

Derivatives Market (commodity)

3.

Nord Pool ASA

4.

Imarex

Derivatives Market (commodity)

4.

Imarex ASA

5.

Fish Pool

Derivatives Market (commodity)

5.

Fish Pool ASA


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