1. (1)

   Investment firms trading outside the rules of a trading venue and market operators and investment firms operating a trading venue shall make public by reference to each transaction the details set out in Tables 1 and 2 of Annex II and use each applicable flag listed in Table 3 of Annex II.

2. (2)

   Where a previously published trade report is cancelled, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II.

3. (3)

   Where a previously published trade report is amended, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make the following information public:

   1. (a)

      a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II;

   2. (b)

      a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag as specified in Table 3 of Annex II.

4. (4)

   Post-trade information shall be made available as close to real time as is technically possible and in any case:

   1. (a)

      for the first three years from the date of application of Regulation (EU) No 600/2014, within 15 minutes after the execution of the relevant transaction;

   2. (b)

      thereafter, within 5 minutes after the execution of the relevant transaction.

5. (5)

   Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that sells the financial instrument concerned shall make the transaction public through an APA.

6. (6)

   By way of derogation from paragraph 5, where only one of the investment firms party to the transaction is a systematic internaliser in the given financial instrument and it is acting as the buying firm, only that firm shall make the transaction public through an APA, informing the seller of the action taken.

7. (7)

   Investment firms shall take all reasonable steps to ensure that the transaction is made public as a single transaction. For that purpose, two matching trades entered at the same time and for the same price with a single party interposed shall be considered to be a single transaction.

8. (8)

   Information relating to a package transaction shall be made available with respect to each component as close to real-time as is technically possible, having regard to the need to allocate prices to particular financial instruments and shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.

1. (1)

   Where the FCA authorises the deferred publication of the details of transactions pursuant to Article 11(1) of Regulation (EU) No 600/2014, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public each transaction no later than 19.00 local time on the second working day after the date of the transaction, provided one of the following conditions is satisfied:

   1. (a)

      the transaction is large in scale compared with the normal market size as specified in Article 9;

   2. (b)

      the transaction is in a financial instrument or a class of financial instruments for which there is not a liquid market as specified in accordance with the methodology set out in Article 13;

   3. (c)

      the transaction is executed between an investment firm dealing on own account other than on a matched principal basis (as defined in accordance with the definition in effect on IP completion day for 'matched principal trading' in the Glossary to the Handbook of Rules and Guidance published by the FCA) and another counterparty and is above a size specific to the instrument as specified in Article 10;

   4. (d)

      the transaction is a package transaction which meets one of the following criteria:

      1. (i)

         one or more of its components are transactions in financial instruments which do not have a liquid market;

      2. (ii)

         one or more of its components are transactions in financial instruments that are large in scale compared with the normal market size as determined by Article 9;

      3. (iii)

         the transaction is executed between an investment firm dealing on own account other than on a matched principal basis (as defined in accordance with the definition in effect on IP completion day for 'matched principal trading' in the Glossary to the Handbook of Rules and Guidance published by the Financial Conduct Authority), and one or more of its components are transactions in financial instruments that are above the size specific to the instrument as determined by Article 10.

2. (2)

   When the time limit of deferral set out in paragraph 1 has lapsed, all the details of the transaction shall be published unless an extended or an indefinite time period of deferral is granted in accordance with Article 11.

A transaction shall be considered large in scale compared with normal market size where it is equal to or larger than the minimum size of transaction, which shall be calculated in accordance with the methodology set out in Article 13.

A transaction shall be considered above a size specific to the financial instrument where it is equal to or larger than the minimum size of transaction, which shall be calculated in accordance with the methodology set out in Article 13.

1. (1)

   Where the FCA exercises its powers in conjunction with an authorisation of deferred publication pursuant to Article 11(3) of Regulation (EU) No 600/2014, the following shall apply:

   1. (a)

      where Article 11(3)(a) of Regulation (EU) No 600/2014 applies, the FCA shall request the publication of either of the following information during the full period of deferral as set out in Article 8:

      1. (i)

         all the details of a transaction laid down in Tables 1 and 2 of Annex II with the exception of details relating to volume;

      2. (ii)

         transactions in a daily aggregated form for a minimum number of 5 transactions executed on the same day, to be made public the following working day before 9.00 local time;

   2. (b)

      where Article 11(3)(b) of Regulation (EU) No 600/2014 applies, the FCA shall allow the omission of the publication of the volume of an individual transaction for an extended time period of four weeks;

   3. (c)

      in respect of non-equity instruments that are not sovereign debt and where Article 11(3)(c) of Regulation (EU) No 600/2014 applies, the FCA shall allow, for an extended time period of deferral of four weeks, the publication of the aggregation of several transactions executed over the course of one calendar week on the following Tuesday before 9.00 local time;

   4. (d)

      in respect of sovereign debt instruments and where Article 11(3)(d) of Regulation (EU) No 600/2014 applies, the FCA shall allow, for an indefinite period of time, the publication of the aggregation of several transactions executed over the course of one calendar week on the following Tuesday before 9.00 local time.

2. (2)

   Where the extended period of deferral set out in paragraph 1(b) has lapsed, the following requirements shall apply:

   1. (a)

      in respect of all instruments that are not sovereign debt, the publication of the full details of all individual transactions, on the next working day before 9.00 local time;

   2. (b)

      in respect of sovereign debt instruments where the FCA decides not to use the options provided for in Article 11(3)(b) and (d) of Regulation (EU) No 600/2014 consecutively, pursuant to the second subparagraph of Article 11(3) of Regulation (EU) No 600/2014, the publication of the full details of all individual transactions on the next working day before 9.00 local time;

   3. (c)

      in respect of sovereign debt instruments, where the FCA applies the options provided for in Article 11(3)(b) and (d) of Regulation (EU) No 600/2014 consecutively pursuant to the second subparagraph of Article 11(3) of Regulation (EU) No 600/2014, the publication of several transactions executed in the same calendar week in an aggregated form on the Tuesday following the expiry of the extended period of deferral of four weeks counting from the last day of that calendar week before 9.00 local time.

3. (3)

   In respect of all instruments that are not sovereign debt, all the details of the transactions on an individual basis shall be published four weeks after the publication of the aggregated details in accordance with paragraph 1(c) before 9.00 local time.

4. (4)

   The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information for bonds, structured finance products, derivatives and emission allowances in respect of each day or week of the calendar period concerned:

   1. (a)

      the weighted average price;

   2. (b)

      the total volume traded as referred to in Table 4 of Annex II;

   3. (c)

      the total number of transactions.

5. (5)

   Transactions shall be aggregated per ISIN-code. Where the ISIN code is not available, transactions shall be aggregated at the level of the class of financial instruments to which the liquidity test set out in Article 13 applies.

6. (6)

   Where the weekday foreseen for the publications set out in points (c) and (d) of paragraph 1, and paragraphs 2 and 3, is not a working day, the publications shall be effected on the following working day before 9.00 local time.

The obligation to make public the volume and price of transactions and the time at which they were concluded as set out in Article 21(1) of Regulation (EU) No 600/2014 shall not apply to any of the following:

1. (a)

   transactions listed in Article 2(5) of Commission Delegated Regulation (EU) 2017/590;

2. (b)

   transactions executed by a management company as defined in section 237(2) of FSMA a UK AIFM as defined in the AIFM Regulations, or a third country AIFM as defined in the AIFM Regulations which transfer the beneficial ownership of financial instruments from one collective investment undertaking to another and where no investment firm is a party to the transaction;

3. (c)

   "give-up transaction" or "give-in transaction" which is a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for the purpose of post-trade processing;

4. (d)

   transfers of financial instruments such as collateral in bilateral transactions or in the context of a central counterparty (CCP) margin or collateral requirements or as part of the default management process of a CCP.