Paragraph 2 Transparency requirements for equitiesI1

In Article 3 (pre-trade transparency requirements), after paragraph 3 insert—

“4.

The FCA may make technical standards to specify—

(a)

the range of bid and offer prices, or designated market-maker quotes, to be made public for each class of financial instrument concerned in accordance with paragraph 1, and

(b)

the depth of trading interest at those prices.

5.

In making technical standards under paragraph 4 the FCA must take into account the necessary calibration for the different types of trading systems referred to in paragraph 2.”