The list, published in the OJEU on November, 4th,  indicates the title of the individual markets which are recognised by national competent authorities as complying with the definition of ‘regulated market’, as well as the entity responsible for managing these markets and the competent authority responsible for issuing or approving the rules of the market.

Article 47 of the Markets in Financial Instruments Directive (MiFID), Directive 2004/39/EC, requires the European Commission to publish the list of regulated markets on its website and to update it regularly. Therefore, in addition to the yearly publication of such list in the Official Journal, the Commission maintains an updated version of this list on its official website.

As a result of reduced entry barriers and the specialisation in trading segments, the list of “regulated markets” is subject to greater turnover than under the Investment Services Directive (ISD) 93/22/EEC.

This list will be updated regularly on the basis of information communicated by national authorities. The latter are called upon to continue to advise the Commission of any additions to or deletions from the list of regulated markets for which it is the home Member State.

Regulated Markets

Directive 2004/39/EC defines a ‘regulated market’ as a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments, in the system and in accordance with its non-discretionary rules. This regulated market operates in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorized and functions regularly and in accordance with the provisions of such Directive.