Annotated presentation of regulated markets and national provisions implementing relevant requirments of ISD (Council Directive 93/22/EEC)
Date: 2008-11-04
Institutions: European Commission
Subjects: EU Member State, exchange of information, financial instrument, financial market, official market

4.11.2008

EN

Official Journal of the European Union

C 280/5

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

(2008/C 280/03)

Article 47 of the Markets in Financial Instruments Directive (Directive 2004/39/EC, OJ L 145, 30.4.2004)
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
European 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 Investment Services Directive 93/22/EEC. 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 —

2. Geregelter Freiverkehr

(second regu-

lated market)

Belgium

1. Bourse

de

valeurs mobilières

de

1. Euronext Brussels SA

Bruxelles (Euronext Brussels):

— le marché ‘Euronext Brussels’,

— le marché des instruments dérivés.

2. Le marché réglementé hors bourse des
obligations linéaires, des titres scindés
et des certificats de trésorerie

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

4.11.2008

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
Commission

Securities

and

Exchange

Czech Republic

1. Main Market (Hlavni Trh)

1.-3.

Prague Stock Exchange (Burza
cennych papírů Praha, a.s.)

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 rarket

Denmark

1. Københavns Fondsbørs:

1. Copenhagen Stock Exchange Ltd

Finanstilsynet (Danish financial supervisory
authority)

— equity market,

— bond market,

— derivatives market.

Autoriseret

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

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-lista

(Pre List and Other Securities List)

2. Danish Authorised Market Place Ltd

(DAMP)

AS
Tallinna
Exchange Ltd)

Börs

(Tallinn

Stock

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: Rahoitustar-
Supervision

Financial

kastus/Finnish
Authority

France

1. Euronext Paris

Euronext Paris (1-3)

2. MATIF

3. MONEP

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)

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Official Journal of the European Union

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Country

Title of regulated market

Operating entity

Germany

1. Börse Berlin (Regulierter Markt)

1. Börse Berlin AG

2. Düsseldorfer Börse (Regulierter Markt)

2. Börse Düsseldorf AG

3.

Frankfurter Wertpapierbörse (Regu-
lierter Markt)

3. Deutsche Börse AG

4.

Eurex Deutschland

4.

Eurex Frankfurt AG

5. Hanseatische

Wertpapierbörse
Hamburg (Regulierter Markt, Startup
market)

5. BÖAG Börsen AG

6. Niedersächsische Börse zu Hannover

6. BÖAG Börsen AG

(Regulierter Markt)

7. Börse München (Regulierter Markt)

7. Bayerische Börse AG

8. Baden-Württembergische Wertpa-

8. Börse-Stuttgart AG

pierbörse (Regulierter Markt)

9. Risk

Management

Exchange

9. RMX Hannover

Hannover (Regulierter Markt)

Competent authority for designation and
oversight of market

Börsenaufsichtsbehörden der Länder (stock
the
exchange supervisory authorities of
federal states) and the Bundesanstalt
für
Finanzdienstleistungsaufsicht (BaFin).

State authorities:

1.

2.

Senatsverwaltung für Wirtschaft,
Technologie und Frauen, Berlin

Finanzministerium des
Nordrhein-Westfalen, Düsseldorf

Landes

3. & 4. Hessisches
Wirtschaft,
Landesentwicklung, Wiesbaden

Ministerium
Verkehr

für
und

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)

Hungary

1. Budapesti Értéktőzsde Zrt.

(Budapest

Stock Exchange):

— részvényszekció (Equities Section),

— hitelpapír szekció (Debt Securities

Section),

— származékos szekció (Derivatives

Section),

— áru szekció (Commodities Section)

Budapesti
Stock Exchange)

Értéktőzsde Zrt.

(Budapest

Pénzügyi Szervezetek Állami Felügyelete
(Hungarian
Supervisory
Financial
Authority)

Ireland

Main Market of the Irish Stock Exchange

Irish Stock Exchange Ltd

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

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Official Journal of the European Union

4.11.2008

Competent authority for designation and
oversight of market

authorises

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

the

for Government
For wholesale markets
is
company
operating
securities,
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

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
the
Italian Derivatives Market
trading of
Instru-
Financial
ments referred to in Articles 1(2)(f)
and 1(2)(i) of the Consolidated Law
on Finance (IDEM)

8. Wholesale

Italian
Government Bond Market (MTS)

and

Foreign

8.-10.

Società per il Mercato dei Titoli
di Stato — MTS SpA

9. Wholesale Trading in Non-Govern-
ment Bonds and Securities Issued
Organisations
by
with
Participation
(MTS Corporate)

International

Government

10. Wholesale Online

Trading
Government Bonds (BondVision)

in

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
Market:

Amsterdam

Cash

— Euronext Amsterdam;

(b) Euronext Amsterdam Derivatives

Market

1. NYSE Euronext

(International) BV,
NYSE
BV,
Euronext NV, Euronext (Holdings) NV
en 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. Giełda

Papierów Wartościo-
wych w Warszawie (Warsaw
Stock Exchange)

Komisja Nadzoru Finansowego (Financial
Supervisory Commission)

2. Rynek równoległy (Parallel market)

3. Rynek Papierów Wartościowych CeTO
(regulowany
pozagiełdowy)
rynek
(CeTO Securities Market Regulated
Off-exchange market)

3.

MTS-CeTO SA

Portugal

1. Eurolist by Euronext Lisbon (Official

Markets 1 and 2:

listing market)

2. Mercado de Futuros e Opções (Futures

and Options 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)

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

Valori
Bucureşti SA (Bucharest Stock
Exchange SA)

de

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

2. Piaţa reglementată la termen (Deriva-

tives Regulated Market — BVB)

3. Piaţa

reglementată — (Derivatives

3.

Regulated Market — BMFMS)

S.C. Bursa Monetar — Finan-
ciară şi de Mărfuri SA Sibiu
(Monetary — Financial and
Commodities
SA
Sibiu)

Exchange

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

Slovenia

Ljubljana Stock Exchange official market
(Borzni trg)

Ljubljana Stock Exchange
borza)

(Ljubljanska

Securities Markets Agency (Agencija za trg
vrednostnih papirjev)

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Country

Title of regulated market

Operating entity

Spain

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

A1: Sociedad Rectora de la Bolsa de

Valores de Barcelona SA

1. Bolsa de Valores de Barcelona;

A2. Soc. Rectora de la Bolsa de Valores

Competent authority for designation and
oversight of market

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.

B. Mercados oficiales de Productos Fina-

cieros Derivados:

1. MEFF Renta Fija;

2. MEFF Renta Variable.

de Bilbao SA

A3. Soc. Rectora de la Bolsa de Valores

de Madrid SA

A4. Soc. Rectora de la Bolsa de Valores

de Valencia SA

B1. Soc. Rectora de Productos Finan-
cieros Derivados de RENTA Fija SA

B2. Soc. Rectora de Productos Finan-
Renta
Derivados

de

cieros
Variable SA

C. Mercado MFAO de Futuros del Aceite

de Oliva

C. (MFAO) Sociedad rectora del Mercado
de Futuros del Aceite de Oliva, SA

D. AIAF Mercado de Renta Fija

D. AIAF Mercado de Renta Fija

E. Mercados

de Deuda

Pública

en

E.

Banco de España

Anotaciones

Sweden

OMX Nordic Exchange Stockholm:

OMX Nordic Exchange Stockholm 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 Manage-

ment

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

Iceland

1. OMX Nordic

Exchange

á

Íslandi

1. OMX Nordic Exchange

(Regulated market)

Fjármálaeftirlitið
Authority)

(Financial

Supervisory

2. (First North

(multilateral

trading

2. (OMX Nordic Exchange)

facility))

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Competent authority for designation and
oversight of market

Kredittilsynet
Authority of Norway)

(Financial

Supervisory

Country

Title of regulated market

Operating entity

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)