Information for professionals
  • Print this page
  • download icon
  • Send to a friend

ProfessionalsInformation forInvestment firmsTransactions financial instruments

 

Transactions in financial instruments

Investment firms must meet certain obligations when effecting transactions in financial instruments.

Post-trade transparency

An investment firm which effects a transaction in shares that are admitted to trading in a regulated market outside a regulated market or multilateral trading facility (MTF) on an over the counter basis (OTC) must publish details of the price, size and time of the transaction as soon as possible.


Transaction reporting

An investment firm that has effected transactions in financial instruments admitted to trading in a regulated market must notify the details of these transactions to the AFM as soon as possible, and in any case not later than the end of the following trading day. The AFM has provided a transaction reporting system (TRS) for this purpose, in which transactions can be recorded subject to strict technical specifications.

  • Post-trade transparency

    If a transaction in listed shares is effected outside a regulated market or multilateral trading facility (in other words, over the counter, or OTC), the parties to the transaction are legally obliged to publish the details of the transaction. Listed shares are defined as shares that are admitted to trading in a regulated market. The publication of the details of an effected transaction is known as post-trade transparency.

  • Transaction reporting

    Investment firms are obliged to report transactions they have effected in financial instruments admitted to trading in a regulated market to the AFM. The Handbook Transaction Reporting is available for guidance.