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Mariana UFP Organised Trading Facility

 Mariana UFP LLP received authorisation from the FCA to operate an Organised Trading Facility (“OTF”) from 3rd January 2018 – “Mariana OTF”.

Asset classes currently admitted to trading are:

  • Bonds
  • Equity Derivatives

Waivers / Deferrals
Mariana OTF will fulfil regulatory obligations for transparency through the publication of all relevant orders and trades, subject to the exercise of pre- and post-trade waivers and deferrals granted by the FCA and subject to approval by ESMA according to Regulation (EU) 600/214 (“MiFIR”). These are set out below:

Pre-trade

  • Large in Scale – Article 9(1)(a) of MiFIR in respect of orders that are large in scale compared with normal market size
  • Order Management Facility – Article 9(1)(a) of MiFIR in respect of orders held in an order management facility of the trading venue pending disclosure (iceberg)
  • Size Specific to Financial Instrument (SSTI) – Article 9(1)(b) of MiFIR, for orders above the SSTI
  • Illiquid markets – Article 9(1)(c) of MiFIR for financial instruments for which there is not a liquid market

Post-trade

  • Large in Scale – Article 11(1)(a), MiFIR in respect of orders that are large in scale compared with normal market size
  • Illiquid Markets – Article 11(1)(b), MiFIR financial instruments for which there is not a liquid market
  • Size Specific to Financial Instrument (SSTI) – Article 11(1)(c) of MiFIR, for orders above the SSTI
  • Articles 11 MiFIR and 8(1)(d), RTS 2 for packaged transactions.

 

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