Regulatory Market Notices
Please note that on July 18th, 2017 the MTS S.p.A. and EuroMTS Limited ("MTS") Board of Directors approved the new versions of the Market Rules aligning them with MiFID II requirements in respect of the following trading venues:
- MTS Italy (Cash and Repo Segment), a Regulated Market
- BondVision Europe MTF
- EBM, a Multilateral Trading Facility (formerly known as EuroMTS)
- MTS Cash Domestic Market, a Multilateral Trading Facility comprising the following Segments: MTS Austria, MTS Czech Republic, MTS Germany, MTS Greece, MTS Hungary, MTS Ireland, MTS Israel, MTS Netherlands, MTS Portugal, MTS Slovenia, MTS Spain, and MTS UK
- BondVision UK, a Multilateral Trading Facility.
Consultation with relevant stakeholders is a key part of developing all the MTS markets. MTS is therefore seeking feedback from market participants, advisors, and trade associations on the proposed draft rule books. The consultation opens today and will remain open until the close of business August 31st, 2017.
Pending regulatory approval, shareholders’ approval, where needed and the enactment of laws and regulations implementing MiFID II in the relevant countries, the documents available shall be considered as drafts. The final versions of the rule books of the above listed trading venues, subject to regulatory approval and shareholders’ resolution, where needed, will come into force on January 3rd, 2018 and will be published on the MTS website in Q4 2017.
Please note that the draft rule books referred to above are available on the MTS website at: http://www2.mtsmarkets.com/e/75932/-library-mifid-ii-legal-drafts/3ldx26/351867635
Please send any comment you might have on the above mentioned rule books at: MTSRegulations@mtsmarkets.com
For any further clarification, please do not hesitate to contact firstname.lastname@example.org
This notice is to inform our trading community that the new version of the MTS Rules and Instructions for MTS Italia, the Government Bonds Electronic Wholesale Market, which includes both the Cash segment, and the Repo segment have been published on the MTS website. The new Rules, available online on www.mtsmarkets.com/Documents/Market-Rules, will come into force on Wednesday, 26th of July 2017. In summary the main changes introduced are:
- MTS Italia (Repo Segment): a new RFCQ trading mechanism has been introduced. Dealer to End User trades will be executed on a name give up basis in all Instances.
- MTS Italia (Repo Segment): with respect to the RFCQ trading, the possibility for "End Users" and "Dealers" to manually send their own settlement instructions for bilateral non-CCP trades has been introduced. CCP trades will settle automatically
- MTS Italia (Repo Segment): a new GC Extra basket has been introduced.
Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks, These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.
For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com
For the attention of all participants on the MTS BondsPro ATS:
This notice serves to reiterate our commitment to operating a fair and orderly market for all participants on the MTS BondsPro ATS.
Participant Obligations and Market Activity
By using the MTS BondsPro ATS, participants undertake certain obligations as stated in the Subscriber Agreement, Trading Rules, and other covered communications. Some of these obligations are to:
- Use the ATS in a responsible manner;
- Use the ATS for its intended function;
- Conduct all activity on the ATS in accordance with the Trading Rules
Since the founding of MTS in 1988, it has been our mission to provide clients with efficient, reliable, fair, and orderly access to the markets in which we are active. And as an ATS operator, in order to ensure an orderly market, MTS Markets International, Inc. (MMI) undertakes continuous surveillance of activity on the ATS. Such surveillance is comprehensive and incorporates not only trade executions but also all ancillary actions including posting prices, aggressing on prices, and the reliability of prices posted (i.e. rejecting or failing to confirm an aggressor’s attempt to trade with a posted price).
MMI considers activity on the system that is contrary to the intended function of the ATS to be detrimental to the operation of an efficient and orderly market.
MMI regularly reviews participant activity to identify negative behaviour that may contribute to a disorderly market, and MMI will exercise its right, at its sole discretion, to restrict trading by any participant that repeatedly exhibits behaviour on the ATS that is contrary to the best interests of an efficient market.
Thank you for your attention to this notice.
Any questions regarding this notice should be addressed to MTS Markets International, Inc. via email@example.com.
This notice is part of an ongoing dialogue with participants on regulatory matters, with the ultimate aim of raising awareness on the evolution of the regulatory landscape and its impact on MTS markets. MTS will continue to issue similar regulatory updates from time to time, when we deem appropriate to do so.
Participant Obligations and Market activity
MTS would like to remind all participants of their ongoing obligations as members of markets operated by MTS. These undertakings are principally described within the rulebooks of the relevant market and include a number of provisions with respect to data confidentiality.
Participants should treat all information supplied by and derived from MTS markets as confidential and should not be disclosed to other parties, except as may be required to fulfil legal or regulatory obligations. Participants should also consider the ramifications of unlawful disclosure of inside information as laid out in Regulation (EU) No 596/2014 on market abuse ("MAR").
With the anniversary of the implementation of MAR approaching, MTS would like to reiterate our commitment to operating orderly and fair markets for all participants. Participants that are privy to non-public information in the course of their activity on MTS markets, including B2C interactions, are reminded of their obligations to handle such information appropriately and refrain from behaviours that may unfairly disadvantage their counterparty(s). Market activity which is incongruous to this may result in potential sanctions as well as potential violations of MAR.
Any comments or queries on this Market notice should be addressed to MTS Monitoring, Via Tomacelli 146, 00186 Rome - Italy. Email: firstname.lastname@example.org
MTSMarkets.com has been updated with a dedicated section covering the impacts of MiFID II and how MTS will remain compliant in advance of the new regulation.
Please check MiFID II and Regulatory Updates where we will periodically share more information.
The high level areas covered are:
- Transparency requirements and waivers
- Reporting and data
- Trading venue and microstructure requirements
- Rules and membership documentation
Should you have any questions related to regulation and MiFID II in particular please contact MTS Client Services or your regular sales contact for more information.