Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (Council Directive 93/22/EEC)
Date: 2008-03-01
Institutions: European Commission
Subjects: EU Member State, exchange of information, financial instrument, financial market, official market

1.3.2008

EN

Official Journal of the European Union

C 57/21

Annotated presentation of regulated markets and national provisions implementing relevant
requirements of ISD (Council Directive 93/22/EEC)

(2008/C 57/11)

Article 47 of the Markets in Financial Instruments Directive (Directive 2004/39/EC of the European Parlia-
ment and of the Council, OJ L 145, 30.4.2004, p. 1) authorises each Member State to confer the status of
‘regulated market’ on those markets constituted on its territory and which comply with its regulations.

Article 4, paragraph 1, point 14 of 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 — 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 regu-
larly and in accordance with the provisions of Title III of Directive 2004/39/EC.

Article 47 of Directive 2004/39/EC requires that each Member State maintains an updated list of regulated
markets authorised by it. This information should be communicated to other Member States and the Euro-
pean Commission. Under the same article (Article 47 of Directive 2004/39/EC), the Commission is required
to publish a list of regulated markets, notified to it, on a yearly basis in the Official Journal of the European
Union. The present list has been compiled pursuant to this requirement.

The attached list indicates the title of the individual markets which are recognised by national competent
authorities as complying with the definition of ‘regulated market’. In addition, it indicates the entity respon-
sible for managing these markets and the competent authority responsible for issuing or approving the rules
of the market.

As a result of reduced entry barriers and specialisation in trading segments, the list of ‘regulated markets’ is
subject to greater turnover than under the Council Directive 93/22/EEC on investment services. Article 47
of the Markets in Financial Instruments Directive also requires the European Commission to publish the list
of regulated markets on its website and to update it regularly.

Consequently, the European Commission will,
in addition to yearly publication of a list in the Official
Journal, maintain an updated version of this list on its official website (http://ec.europa.eu/internal_market/
securities/isd/mifid_en.htm). 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.

Country

Title of regulated market

Operating entity

Austria

1. Amtlicher Handel (official market)

Wiener Börse AG (1-2)

Competent authority for designation and
oversight of market

Finanzmarktaufsichtsbehörde
Financial Markets Authority)

(FMA —

Belgium

2. Geregelter Freiverkehr

(second regu-

lated market)

1. Bourse de valeurs mobilières de
Bruxelles (Euronext Brussels):

— le marché ‘Eurolist Brussels’,

— le marché des instruments dérivés

2. Le marché hors bourse des obligations
linéaires, des titres scindés et des certi-
ficats de trésorerie

1. Euronext Brussels SA

1. Ministre des Finances sur avis de la
commission bancaire, financière et des
assurances (CBFA)

Autorité de marché = CBFA

2. Fonds des rentes

2. Législateur (art.144, §2 de la loi du

2.8.2002)

Autorité de marché = Comité du Fonds
des rentes, pour compte de la CBFA

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Official Journal of the European Union

1.3.2008

Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Bulgaria

1. Официален пазар (official market)

Българска Фондова Борса — София АД
(Bulgarian Stock Exchange — Sofia JSCo)

Комисия за финансов надзор (Financial
Supervision Commission)

2. Неофициален пазар (unofficial market)

Cyprus

Cyprus Stock Exchange

Cyprus Stock Exchange

Cyprus Securities and Exchange Commis-
sion

Czech Republic

1. Main market (Hlavni Trh)

1.-3. Prague

Stock
Exchange
cennych papírů Praha, a.s.)

(Burza

Czech National Bank

2. Secondary market (Vedlejsi trh)

3. Free market (Volny trh)

4. RM SYSTEM official market

4.

RM SYSTEM a.s. — Organizer of
regulated market

Denmark

1. Københavns Fondsbørs (Copenhagen

Stock Exchange)

— Equity market

— Bond market

— Derivatives market

1. Copenhagen Stock
Exchange Ltd

Finanstilsynet
sory Authority)

(Danish Financial Supervi-

2. Dansk Autoriseret Markedsplads A/S
(Danish Authorised Market Place Ltd
(DAMP)) [authorised market place =
regular trade in securities admitted for
trading but not
listed on stock
exchange]

2. Danish Authorised Market Place Ltd

(DAMP)

Estonia

1. Väärtpaberibörs (Stock Exchange)

— Põhinimekiri (main list)

— Investorinimekiri (investor list)

— Võlakirjade nimekiri (list for debt

instruments)

— Fondiosakute nimekri (list for fund

shares)

2. Reguleeritud turg (regulated market)

— Vabaturg (free market)

Finland

Arvopaperipörssi (Stock Exchange)

— Pörssilista (official list)

— Pre-lista ja Muut arvopaperit
(pre list and other securities list)

-lista

AS Tallinna Börs (Tallinn Stock Exchange
Ltd)

Finantsinspektsioon
Supervision Authority)

(Estonian

Financial

OMX Nordic Exchange Helsinki Oy
(OMX Nordic Exchange Helsinki Ltd)

Designation: Ministry of Finance

Oversight:

— Approval of rules: Ministry of Finance

— Supervision of compliance: Rahoitus-
tarkastus/Finnish Financial Supervision
Authority

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Official Journal of the European Union

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Country

Title of regulated market

Operating entity

France

1. Euronext Paris

Euronext Paris (1-3)

2. MATIF

3. MONEP

Germany

1. Börse

Berlin-Bremen

(Amtlicher

1. Börse Berlin AG

Handel, Geregelter Markt)

2. Düsseldorfer

Börse

(Amtlicher

2. Börse Düsseldorf AG

Handel, Geregelter Markt)

3.

Frankfurter Wertpapierbörse (Amt-
liche Markt, Geregelter Markt)

3. Deutsche Börse AG

4.

Eurex Deutschland

4.

Eurex Frankfurt AG

5. Hanseatische Wertpapierbörse Ham-
burg (Amtlicher Markt, Geregelter
Markt, startup market)

5. BÖAG Börsen AG

6. Niedersächsische Börse zu Hannover

6. BÖAG Börsen AG

(Amtlicher Markt, Geregelter Markt)

7. Börse München (Amtlicher Markt,

7. Bayerische Börse AG

Geregelter Markt)

8. Baden-Württembergische Wertpa-
pierbörse (Amtlicher Markt, Gere-
gelter Markt)

8. Börse-Stuttgart AG

9. Risk Management Exchange Hann-

9. RMX Hannover

over (Geregelter Markt)

Competent authority for designation and
oversight of market

Proposition de
financiers (AMF)

l'Autorité des marchés

Reconnaissance par le ministre chargé de
l'économie (cf. article L. 421-1 du code
monétaire et financier)

Börsenaufsichtsbehörden der Länder (Stock
the
Exchange supervisory authorities of
für
federal states) and the Bundesanstalt
Finanzdienstleistungsaufsicht (BaFin)

State authorities:

1.

2.

Senatsverwaltung für Wirtschaft,
Technologie und Frauen, Berlin

Finanzministerium des
Nordrhein-Westfalen, Düsseldorf

Landes

3. & 4. Hessisches

Ministerium

für
Wirtschaft, Verkehr und Landes-
entwicklung, Wiesbaden

5.

6.

7.

8.

9.

Freie und Hansestadt Hamburg,
Behörde
und
Arbeit

für Wirtschaft

Niedersächsisches Ministerium für
Wirtschaft, Arbeit und Verkehr,
Hannover

Bayerisches Staatsministerium für
Wirtschaft, Infrastruktur, Verkehr
und Technologie, München

Wirtschaftsministerium
Baden-Württemberg, Stuttgart

Niedersächsisches Ministerium für
Wirtschaft, Arbeit und Verkehr,
Hannover

10. European Energy Exchange

10. European
Leipzig

Energy

Exchange AG,

10.

Sächsisches Staatsministerium für
Wirtschaft und Arbeit, Dresden

Greece

1. Athens Exchange

1. Athens Exchange

1. Hellenic Capital Market Commission

— Securities market

— Derivatives market

(HCMC)

2. Electronic
Market
Market)

Secondary

(HDAT-Debt

Securities'
Instrument's

2. Bank of Greece

2. Hellenic Capital Market Commission

(HCMC)

Budapesti
Stock Exchange)

Értéktőzsde Zrt.

(Budapest

Pénzügyi Szervezetek Állami Felügyelete
(Hungarian
Supervisory
Financial
Authority)

Hungary

1. Budapesti Értéktőzsde Zrt.

(Budapest

Stock Exchange)

— Részvényszekció (Equities Section)

— Hitelpapír szekció (Debt Securities

Section)

— Származékos szekció (Derivatives

Section)

— Áru

szekció

(Commodities

Section)

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Official Journal of the European Union

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Competent authority for designation and
oversight of market

The Irish Financial Services Regulatory
Authority (‘Financial Regulator’) authorises
‘regulated markets’ and (excluding listing
conditions) vets and approves rules for
operations as prepared by the market
operator of the regulated market

authorises

Consob
companies which
manage markets and approve their by-laws
and regulations

the

for Government
For wholesale markets
securities,
is
company
operating
authorised by the Ministry of Economy
and Finance having regard to the opinion
of Consob and Banca d'Italia

Country

Title of regulated market

Operating entity

Ireland

Main Market of the Irish Stock Exchange

Irish Stock Exchange Ltd.

Italy

1.

Electronic share market (MTA)

1.-7.

Borsa Italiana SpA

2. MTAX market (MTAX)

3.

Expandi market

4.

Electronic bond market (MOT)

5.

6.

7.

Electronic open-end funds and ETCs
market (ETF-Plus)

Electronic
market (SeDeX)

securitised

derivatives

the
for
Italian derivatives market
trading of the financial
instruments
referred to in Articles 1(2)(f) and
1(2)(i) of the Consolidated Law on
Finance (IDEM)

8. Wholesale italian and foreign govern-

8.-10. Società per il Mercato dei Titoli di

ment bond market (MTS)

Stato — MTS SpA

9. Wholesale trading in non-govern-
ment bonds and securities issued by
with
international
(MTS
government
Corporate)

organisations
participation

10. Wholesale online trading in govern-

ment bonds (BondVision)

11. TLX market

11.

TLX SpA

Latvia

Riga Stock Exchange:

JSC Rigas Fondu Birza

Financial and Capital Market Commission

— Main list

— Debt list

— Secondary list

— Funds list

Lithuania

Vilnius Stock Exchange:

Vilnius Stock Exchange

Lithuanian Securities Commission

— The main list of

the Vilnius Stock

Exchange

— The secondary list of

the Vilnius

Stock Exchange

— The debt securities list of the Vilnius

Stock Exchange

Luxembourg

Bourse de Luxembourg

Société de la Bourse de Luxembourg SA Commission de surveillance du secteur

financier

Malta

Malta Stock Exchange

Malta Stock Exchange

Malta Financial Services Authority

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Official Journal of the European Union

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Country

Title of regulated market

Operating entity

Netherlands

1.

(a) Euronext Amsterdam cash market:

— Euronext Amsterdam

(b) Euronext Amsterdam derivatives

market

1. NYSE Euronext

(International) BV,
NYSE
BV,
Euronext NV, Euronext (Holdings) NV
and Euronext Amsterdam NV

(Holding)

Euronext

Competent authority for designation and
oversight of market

License by the Minister of Finance after
advice from the Netherlands Authority for
the Financial Markets Supervision by the
Netherlands Authority for
the Financial
Markets and the Dutch Ministry of Finance

2. Endex

2. ENDEX European Energy Derivatives

Exchange NV

3. MTS Amsterdam

3. MTS Amsterdam NV

Poland

1. Rynek podstawowy (main market)

1. and 2. Gielda

Papierów Wartościo-
wych w Warszawie (Warsaw
Stock Exchange)

Komisja Nadzoru Finansowego (Financial
Supervisory Commission)

2. Rynek równolegly (parallel market)

3. Rynek Papierów Wartosciowych CeTO
pozagieldowy)
rynek
regulated

(regulowany
(CeTO securities market
off-exchange market)

3.

MTS-CeTO SA

Portugal

1. Eurolist by Euronext Lisbon (Official

Markets 1 and 2:

listing market)

Euronext Lisbon — Sociedade Gestora de
Mercados Regulamentados, SA

Finance Ministry authorises markets by
proposal from the Comissão do Mercado
de Valores Mobiliários (CMVM, responsible
for market regulation and supervision)

2. Mercado de Futuros e Opções (Futures

and options market)

3. MEDIP — Mercado Especial de Dívida
for public

Pública (Special market
debt)

Market 3:

MTS Portugal — Sociedade Gestora do
Mercado Especial de Dívida Pública,
SGMR, SA

Romania

1. Piaţa

reglementată

(Spot

regulated

market — BVB)

1. and 2. S.C. Bursa de Valori Bucureşti
SA (Bucharest Stock Exchange
SA)

Comisia Naţională a Valorilor Mobiliare
(Romanian National Securities Commis-
sion)

2. Piaţa reglementată la termen (Deriva-

tives regulated market — BVB)

3. Piaţa reglementată (Derivatives regu-

3.

lated market — BMFMS)

de Mărfuri

S.C. Bursa Monetar-Financiară
şi
SA Sibiu
(Monetary-Financial and Com-
modities Exchange SA Sibiu)

Comisia Naţională a Valorilor Mobiliare
(Romanian National Securities Commis-
sion)

Slovak Republic

1. Market of listed securities

Bratislava Stock Exchange

National Bank of Slovakia

— Main listed market

— Parallel listed market

— New listed market

2. Regulated free market

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Country

Title of regulated market

Operating entity

Competent authority for designation and
oversight of market

Slovenia

1. Borzni trg (Ljubljana Stock Exchange

official market)

Ljubljana Stock Exchange
borza)

(Ljubljanska

Securities Markets Agency (Agencija za trg
vrednostnih papirjev)

2. Prosti

trg (Ljubljana Stock Exchange

semi-official market)

Spain

A. Bolsas de Valores (all comprise first,
second and new market segments)

A.1: Sociedad Rectora de la Bolsa de

Valores de Barcelona SA

1. Bolsa de Valores de Barcelona

A.2. Soc. Rectora de la Bolsa de Valores

CNMV (Comisión Nacional del Mercado de
Valores) Banco de España, responsible for
market for public debt

2. Bolsa de Valores de Bilbao

3. Bolsa de Valores de Madrid

4. Bolsa de valores de Valencia

de Bilbao SA

A.3. Soc. Rectora de la Bolsa de Valores

de Madrid SA

A.4. Soc. Rectora de la Bolsa de Valores

de Valencia SA

B. Mercados oficiales de Productos Finan-

B.1. Soc. Rectora de Productos Finan-

cieros Derivados

1. MEFF Renta Fija

2. MEFF Renta Variable

cieros Derivados de RENTA Fija SA

B.2. Soc. Rectora de Productos Finan-
cieros Derivados de Renta Variable
SA

C. Mercado MFAO de Futuros del Aceite

C.

de Oliva

Sociedad

del
(MFAO)
Mercado de Futuros del Aceite de
Oliva, SA

Rectora

D. AIAF Mercado de Renta Fija

D. AIAF Mercado de Renta Fija

E. Mercados de Deuda Pública en Anota-

E.

Banco de España

ciones

Sweden

1. OMX Nordic Exchange Stockholm

1. OMX Nordic Exchange Stockholm AB

— Equity market

— Bond market

— Derivatives market

2. Nordic Growth Market

2. Nordic Growth Market NGM AB

— Equity market

— Bond market

— Derivatives market

Finansinspektionen (Financial Supervisory
Authority)

United Kingdom 1. EDX

1. EDX London Limited

1.-7. Financial Services Authority

2. PLUS-listed market

2. PLUS Markets plc

3. virt-x Exchange Limited

3. virt-x Exchange Limited

4. The London International Financial
Futures and Options Exchanges (LIFFE)

4. LIFFE Administration and

Management

5. The London Metal Exchange

5. The London Metal Exchange Limited

6. ICE Futures Europe

6. ICE Futures Europe

7. London Stock Exchange — Regulated

7. London Stock Exchange plc

Market

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Competent authority for designation and
oversight of market

Fjármálaeftirlitið
Authority)

(Financial

Supervisory

Kredittilsynet
Authority of Norway)

(Financial

Supervisory

Country

Title of regulated market

Operating entity

Iceland

1. OMX Nordic Exchange á Íslandi (regu-

1. OMX Nordic Exchange

lated market)

2. First North

(multilateral

trading

2. OMX Nordic Exchange

facility)

Norway

1. Oslo Stock Exchange (official listing)

1. Oslo Børs ASA

— Equity market

— Derivatives market (financial)

— Bonds market

2. Oslo Axess

— Equity market

— Bonds market

2. Oslo Børs ASA

3. Nord Pool (official listing)

3. Nord Pool ASA

— Derivatives market (commodity)

4. Imarex

4. Imarex ASA

— Derivatives market (commodity)

5. Fish Pool

5. Fish Pool ASA

— Derivatives market (commodity)

6. Fishex

6. Fishex ASA

— Derivatives market (commodity)