The trading venue shall publish the bid and offer prices for shares and other securities in real time, as well as the sizes of the trading positions at these prices (pre-trading transparency).
Moreover, it shall immediately publish information on the transactions carried out on the trading venue and on the transactions conducted outside of the trading venue reported to it for all securities admitted to trading (post-trading transparency). In particular, the price, volume and time of the transactions must be published.
Taking account of recognised international standards and legal developments abroad, the Federal Council shall determine:
the other securities subject to pre-trade transparency;
exceptions with regard to pre- and post-trade transparency, particularly in relation to securities transactions involving large volumes or that are executed by the SNB.
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