Art. 27

(Art. 29 paras. 1 and 3 lit. b FinMIA)

1. The trading venue shall publish the information communicated via its trading facilities on pre-trade transparency for shares throughout normal trading hours.
2. For each share, the five best bid and offer prices as well as the volume of orders are to be published.
3. Paragraphs 1 and 2 also apply for actionable indications of interest.
4. The trading venue may make provision for exceptions in its regulations for:
   1. reference price systems, as long as the reference prices are widely published and viewed by participants as reliable;
   2. systems that exist only to formalise transactions already negotiated;
   3. orders held in an order management facility of the trading venue pending disclosure;
   4. orders that are large in scale compared with normal market size.