natgillin/translations-raw huggingface dataset:
As a result, until data of better quality is available, foreign exchange derivatives should be considered not to have a liquid market for the purposes of this Regulation.
Posledično bi se za valutne izvedene finančne instrumente za namene te uredbe moralo šteti, da nimajo likvidnega trga, dokler ne bodo na voljo bolj kakovostni podatki.
With a view to allowing for an effective start of the new transparency rules data should be provided by market participants for the calculation and publication of the financial instruments for which there is not a liquid market and the sizes of orders that are large in scale or above the size specific to the instrument sufficiently in advance of the date of application of Regulation (EU) No 600/2014.
Da bi se nova pravila o preglednosti lahko začela uspešno uporabljati, bi morali udeleženci na trgu dovolj zgodaj pred datumom začetka uporabe Uredbe (EU) št. 600/2014 zagotoviti podatke za izračun in objavo finančnih instrumentov, za katere ni likvidnega trga, in velika naročila ali naročila, ki so večja od obsega, značilnega za finančni instrument.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
Zaradi usklajenosti in za zagotovitev nemotenega delovanja finančnih trgov se morajo ta uredba in določbe Uredbe (EU) št. 600/2014 uporabljati od istega dne.
However, to ensure that the new transparency regulatory regime can operate effectively, certain provisions of this regulation should apply from the date of its entry into force.
Vendar bi se morale za zagotovitev učinkovitega delovanja nove regulativne ureditve za preglednost nekatere določbe te uredbe uporabljati od datuma začetka njene veljavnosti.
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [5],
ESMA je o osnutku regulativnih tehničnih standardov, na katerem temelji ta uredba, opravila javna posvetovanja, analizirala morebitne povezane stroške in koristi ter zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [5] –
‘package transaction’ means either of the following:
„paketni posel“ pomeni eno od naslednjega:
a transaction in a derivative contract or other financial instrument contingent on the simultaneous execution of a transaction in an equivalent quantity of an underlying physical asset (Exchange for Physical or EFP);
posel s pogodbo na izvedene finančne instrumente ali druge finančne instrumente, pogojen s hkratno izročitvijo posla z enakovredno količino ustreznega fizičnega sredstva (zamenjava za fizično sredstvo);
a transaction which involves the execution of two or more component transactions in financial instruments; and:
posel, ki zajema izvršitev dveh ali več sestavljenih poslov s finančnimi instrumenti in:
which is executed between two or more counterparties;
ki se izvrši med dvema ali več nasprotnimi strankami;
where each component of the transaction bears meaningful economic or financial risk related to all the other components;
pri katerem vsaka sestavina posla pomeni znatno ekonomsko ali finančno tveganje, ki je povezano z vsemi drugimi sestavinami;
where the execution of each component is simultaneous and contingent upon the execution of all the other components;
pri katerem se izvršitev vsake sestavine opravi hkrati z izvršitvijo vseh drugih sestavin in je tudi vezana nanje.
‘request-for-quote system’ means a trading system where the following conditions are met:
„trgovalni sistem na podlagi zahtevkov za ponudbe“ pomeni trgovalni sistem, ki izpolnjuje naslednje pogoje:
a quote or quotes by a member or participant are provided in response to a request for a quote submitted by one or more other members or participants;
ponudba ali ponudbe člana ali udeleženca se podajo v odziv na zahtevek za ponudbo, ki ga odda eden ali več drugih članov ali udeležencev;
the quote is executable exclusively by the requesting member or participant;
ponudbo lahko izvrši izključno član ali udeleženec, ki je zahteval ponudbo;
the requesting member or market participant may conclude a transaction by accepting the quote or quotes provided to it on request;
član ali udeleženec na trgu, ki je zahteval ponudbo, lahko sklene posel s sprejetjem ponudbe ali ponudb, ki so mu bile podane na zahtevo.
‘voice trading system’ means a trading system where transactions between members are arranged through voice negotiation.
„sistem za glasovno trgovanje“ pomeni trgovalni sistem, pri katerem se posli med člani dogovorijo z glasovnim pogajanjem.
PRE-TRADE TRANSPARENCY FOR REGULATED MARKETS, MULTILATERAL TRADING FACILITIES AND ORGANISED TRADING FACILITIES
PREGLEDNOST PRED POSLOVANJEM ZA REGULIRANE TRGE, VEČSTRANSKE SISTEME TRGOVANJA IN ORGANIZIRANE SISTEME TRGOVANJA
Pre-trade transparency obligations
Obveznosti glede preglednosti pred trgovanjem
(Article 8(1) and (2) of Regulation (EU) No 600/2014)
(člen 8(1) in (2) Uredbe (EU) št. 600/2014)
Market operators and investment firms operating a trading venue shall make public the range of bid and offer prices and the depth of trading interest at those prices, in accordance with the type of trading system they operate and the information requirements set out in Annex I
Upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, objavijo razpon ponujenih nakupnih in prodajnih cen in globino trgovskih interesov pri navedenih cenah, v skladu z vrsto trgovalnega sistema, ki ga upravljajo, in zahtevami po informacijah iz Priloge I.
Orders which are large in scale
Velika naročila
(Article 9(1)(a) of Regulation (EU) No 600/2014)
(člen 9(1)(a) Uredbe (EU) št. 600/2014)
An order is large in scale compared with normal market size where, at the point of entry of the order or following any amendment to the order, it is equal to or larger than the minimum size of order which shall be determined in accordance with the methodology set out in Article 13.
Naročilo je veliko v primerjavi z običajnim tržnim obsegom, kadar je ob vnosu ali po vsaki spremembi naročila enako ali večje kot najmanjši obseg naročila, ki se določi v skladu z metodologijo iz člena 13.
Type and minimum size of orders held in an order management facility
Vrsta in najmanjši obseg naročil, ki so v sistemu za upravljanje naročil
The type of order held in an order management facility of a trading venue pending disclosure for which pre-trade transparency obligations may be waived is an order which:
Vrsta naročila, ki je v sistemu za upravljanje naročil mesta trgovanja do svojega razkritja, za katerega se lahko opustijo obveznosti glede preglednosti pred trgovanjem, je naročilo, ki:
is intended to be disclosed to the order book operated by the trading venue and is contingent on objective conditions that are defined in advance by the system's protocol;
bo razkrito v knjigi naročil, ki jo vodi mesto trgovanja, in je odvisno od objektivnih pogojev, ki so predhodno opredeljeni v protokolu sistema;
does not interact with other trading interest prior to disclosure to the order book operated by the trading venue;
ne sovpliva na druge trgovske interese pred razkritjem v knjigi naročil, ki jo vodi mesto trgovanja;
once disclosed to the order book it interacts with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.
po razkritju v knjigi naročil sovpliva na druga naročila v skladu s pravili, ki se ob razkritju uporabljajo za naročila navedene vrste.
The minimum size of orders held in an order management facility of a trading venue pending disclosure for which pre-trade transparency obligations may be waived shall, at the point of entry and following any amendment, be one of the following:
Najmanjši obseg naročil, ki so v sistemu za upravljanje naročil mesta trgovanja do svojega razkritja, za katera se lahko opustijo obveznosti glede preglednosti pred trgovanjem, je ob vnosu in po vsaki spremembi naslednji:
in the case of a reserve order, greater than or equal to EUR 10000;
pri naročilu s skrito količino znaša 10000 EUR ali več;
for all other orders, a size that is greater than or equal to the minimum tradable quantity set in advance by the system operator under its rules and protocols.
pri vseh drugih naročilih je obseg enak najmanjši količini, s katero se lahko trguje, ki jo vnaprej določi upravljavec sistema v skladu s svojimi pravili in protokoli.
A reserve order referred to in paragraph 2(a) shall be considered a limit order consisting of a disclosed order relating to a portion of the quantity and a non-disclosed order relating to the remainder of the quantity, where the non-disclosed quantity is capable of execution only after its release to the order book as a new disclosed order.
Naročilo s skrito količino (reserve order) iz odstavka 2(a) se šteje za limitirano naročilo, ki ga sestavljata razkrito naročilo, ki se nanaša na del količine, in nerazkrito naročilo, ki se nanaša na preostalo količino, pri čemer se nerazkrita količina lahko izvrši šele po vnosu v knjigo naročil kot novo razkrito naročilo.
Size specific to the financial instrument
Obseg, značilen za finančni instrument
(Articles 8(4) and 9(1)(b) of Regulation (EU) No 600/2014)
(člena 8(4) in 9(1)(b) Uredbe (EU) št. 600/2014)
An actionable indication of interest is above the size specific to the financial instrument where, at the point of entry or following any amendment, it is equal to or larger than the minimum size of an actionable indication of interest which shall be determined in accordance with the methodology set out in Article 13.
Navedba interesov, na podlagi katerih je mogoče ukrepati, je večja od obsega, značilnega za finančni instrument, kadar je ob vnosu ali po vsaki spremembi enaka ali večja od najmanjšega obsega navedbe interesov, na podlagi katerih je mogoče ukrepati, ki se določi v skladu z metodologijo iz člena 13.
Indicative pre-trade prices for actionable indications of interest that are above the size specific to the financial instrument determined in accordance with paragraph 1 and smaller than the relevant large in scale size determined in accordance with Article 3 shall be considered close to the price of the trading interests where the trading venue makes public any of the following:
Okvirne cene pred trgovanjem za navedbe interesov, na podlagi katerih je mogoče ukrepati, ki so večje od obsega, značilnega za finančni instrument, določenega v skladu z odstavkom 1, in manjše od zadevnega velikega obsega, določenega v skladu s členom 3, se štejejo kot cene, ki so blizu ceni trgovskih interesov, kadar mesto trgovanja objavi kar koli od naslednjega:
the best available price;
najboljšo razpoložljivo ceno;
a simple average of prices;
enostavno povprečje cen;
an average price weighted on the basis of the volume, price, time or the number of actionable indications of interest.
povprečno ceno, tehtano glede na obseg, ceno, čas ali število navedb interesov, na podlagi katerih je mogoče ukrepati.
Market operators and investment firms operating a trading venue shall make public the methodology for calculating pre-trade prices and the time of publication when entering and updating indicative pre-trade prices.
Upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, pri vnašanju in posodabljanju okvirnih cen pred trgovanjem objavijo metodologijo za izračun cen pred trgovanjem in čas objave.
The classes of financial instruments for which there is not a liquid market
Razredi finančnih instrumentov, za katere likviden trg ne obstaja
(Article 9(1)(c) of Regulation (EU) No 600/2014)
(člen 9(1)(c) Uredbe (EU) št. 600/2014)
A financial instrument or a class of financial instruments shall be considered not to have a liquid market if so specified in accordance with the methodology set out in Article 13.
Za finančni instrument ali razred finančnih instrumentov se šteje, da nima likvidnega trga, če je tako določeno v skladu z metodologijo iz člena 13.
POST-TRADE TRANSPARENCY FOR TRADING VENUES AND INVESTMENT FIRMS TRADING OUTSIDE A TRADING VENUE
PREGLEDNOST PO TRGOVANJU ZA MESTA TRGOVANJA IN INVESTICIJSKA PODJETJA, KI TRGUJEJO ZUNAJ MESTA TRGOVANJA
Post-trade transparency obligations
Obveznosti glede preglednosti po trgovanju
(Article 10(1) and Article 21(1) and (5) of Regulation (EU) No 600/2014)
(člen 10(1) ter člen 21(1) in (5) Uredbe (EU) št. 600/2014)
Investment firms trading outside the rules of a trading venue and market operators and investment firms operating a trading venue shall make public by reference to each transaction the details set out in Tables 1 and 2 of Annex II and use each applicable flag listed in Table 3 of Annex II.
Investicijska podjetja, ki trgujejo zunaj pravil mesta trgovanja, ter upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, s sklicem na vsak posel objavijo podatke iz tabel 1 in 2 Priloge II in uporabijo posamezne relevantne oznake iz tabele 3 Priloge II.
Where a previously published trade report is cancelled, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II.
Če se predhodno objavljeno poročilo o trgovanju prekliče, investicijska podjetja, ki trgujejo zunaj mesta trgovanja, ter upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, objavijo novo poročilo o trgovanju, ki vsebuje vse podatke iz izvirnega poročila o trgovanju in oznako o preklicu iz tabele 3 Priloge II.
Where a previously published trade report is amended, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make the following information public:
Če se predhodno objavljeno poročilo o trgovanju spremeni, investicijska podjetja, ki trgujejo zunaj mesta trgovanja, ter upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, objavijo naslednje informacije:
a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 3 of Annex II;
novo poročilo o trgovanju, ki vsebuje vse podatke izvirnega poročila o trgovanju in oznako o preklicu iz tabele 3 Priloge II;
a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag as specified in Table 3 of Annex II.
novo poročilo o trgovanju, ki vsebuje vse podrobnosti izvirnega poročila o trgovanju z vsemi potrebnimi popravljenimi podatki in oznako o spremembi iz tabele 3 Priloge II.
Post-trade information shall be made available as close to real time as is technically possible and in any case:
Informacije pred trgovanjem se objavijo kar se da blizu realnemu času, kot je tehnično izvedljivo in v vsakem primeru:
for the first three years of application of Regulation (EU) No 600/2014, within 15 minutes after the execution of the relevant transaction;
v prvih treh letih uporabe Uredbe (EU) št. 600/2014 v 15 minutah po izvršitvi zadevnega posla;
thereafter, within 5 minutes after the execution of the relevant transaction.
nato v 5 minutah po izvršitvi zadevnega posla.
Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that sells the financial instrument concerned shall make the transaction public through an APA.
Če se posel med dvema investicijskima podjetjema sklene zunaj pravil mesta trgovanja za svoj račun ali v imenu strank, posel prek APA objavi le investicijsko podjetje, ki prodaja zadevni finančni instrument.
By way of derogation from paragraph 5, where only one of the investment firms party to the transaction is a systematic internaliser in the given financial instrument and it is acting as the buying firm, only that firm shall make the transaction public through an APA, informing the seller of the action taken.
Z odstopanjem od odstavka 5, če je le eno investicijsko podjetje, ki je stranka v poslu z zadevnim finančnim instrumentom, sistematični internalizator in deluje kot podjetje, ki kupuje, posel prek APA objavi le navedeno podjetje, pri tem pa prodajalca obvesti o svojem dejanju.
Investment firms shall take all reasonable steps to ensure that the transaction is made public as a single transaction.
Investicijski podjetji sprejmeta vse razumne ukrepe, da zagotovita, da se posel objavi kot en posel.
For that purpose, two matching trades entered at the same time and for the same price with a single party interposed shall be considered to be a single transaction.
Zato se ujemajoča se posla, evidentirana ob istem času in po isti ceni, ki vključujeta eno stranko, štejeta za en posel.
Information relating to a package transaction shall be made available with respect to each component as close to real-time as is technically possible, having regard to the need to allocate prices to particular financial instruments and shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II.
Informacije o paketnem poslu se dajo na voljo v zvezi z vsako sestavino kar se da blizu realnega časa, kot je tehnično možno, ob upoštevanju potrebe po dodelitvi cen posameznim finančnim instrumentom, in vključujejo oznako paketnega posla ali oznako zamenjave za fizična sredstva iz tabele 3 Priloge II.
Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.
Kadar je paketni posel primeren za odlog objave v skladu s členom 8, se informacije o vseh sestavinah dajo na voljo po poteku obdobja odloga za posel.
Deferred publication of transactions
Odlog objave poslov
(Article 11(1) and (3) and Article 21(4) of Regulation (EU) No 600/2014)
(člen 11(1) in (3) ter člen 21(4) Uredbe (EU) št. 600/2014)
Where a competent authority authorises the deferred publication of the details of transactions pursuant to Article 11(1) of Regulation (EU) No 600/2014, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public each transaction no later than 19.00 local time on the second working day after the date of the transaction, provided one of the following conditions is satisfied:
Kadar pristojni organ odobri odlog objave za podatke o poslu v skladu s členom 11(1) Uredbe (EU) št. 600/2014, investicijska podjetja, ki trgujejo zunaj mesta trgovanja, in upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, objavijo vsak posel najpozneje do 19:00 po lokalnem času na drugi delovni dan po datumu posla pod pogojem, da je izpolnjen eden od naslednjih pogojev:
the transaction is large in scale compared with the normal market size as specified in Article 9;
posel je velik v primerjavi z običajnim tržnim obsegom, kot je določen v členu 9;
the transaction is in a financial instrument or a class of financial instruments for which there is not a liquid market as specified in accordance with the methodology set out in Article 13;
gre za posel s finančnim instrumentom ali razredom finančnih instrumentov, za katere se šteje, da zanje likviden trg ne obstaja, kot je določeno v skladu z metodologijo iz člena 13;
the transaction is executed between an investment firm dealing on own account other than on a matched principal basis as per Article 4(1)(38) of Directive 2014/65/EU of the European Parliament and of the Council [6] and another counterparty and is above a size specific to the instrument as specified in Article 10;
posel se izvrši med investicijskim podjetjem, ki posluje za svoj račun, vendar ne v obliki trgovanja s hkratnim nakupom in prodajo, kot je določeno v členu 4(1)(38) Direktive 2014/65/EU Evropskega parlamenta in Sveta [6], in drugo nasprotno stranko, in je večji od obsega, značilnega za finančni instrument, kot je določeno v členu 10;
the transaction is a package transaction which meets one of the following criteria:
posel je paketni posel, ki izpolnjuje enega od naslednjih meril:
one or more of its components are transactions in financial instruments which do not have a liquid market;
ena ali več njegovih sestavin so posli s finančnimi instrumenti, ki nimajo likvidnega trga;
one or more of its components are transactions in financial instruments that are large in scale compared with the normal market size as determined by Article 9;
ena ali več njegovih sestavin so posli s finančnimi instrumenti, ki so veliki v primerjavi z običajnim tržnim obsegom, kot je določen v členu 9;
the transaction is executed between an investment firm dealing on own account other than on a matched principal basis as per Article 4(1)(38) of Directive 2014/65/EU and another counterparty, and one or more of its components are transactions in financial instruments that are above the size specific to the instrument as determined by Article 10.
posel se izvrši med investicijskim podjetjem, ki posluje za svoj račun, vendar ne v obliki trgovanja s hkratnim nakupom in prodajo, kot je določeno v členu 4(1)(38) Direktive 2014/65/EU, in drugo nasprotno stranko, in ena ali več njegovih sestavin so posli s finančnimi instrumenti, ki so večji od obsega, značilnega za finančni instrument, kot je določen v členu 10.
When the time limit of deferral set out in paragraph 1 has lapsed, all the details of the transaction shall be published unless an extended or an indefinite time period of deferral is granted in accordance with Article 11.
Ko rok odloga iz odstavka 1 poteče, se objavijo vsi podatki o poslu, razen kadar se odobri podaljšano obdobje odloga ali odlog za nedoločen čas v skladu s členom 11.
Where a transaction between two investment firms, either on own account or on behalf of clients, is executed outside the rules of a trading venue, the relevant competent authority for the purposes of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with paragraphs 5, 6 and 7 of Article 7.
Če se posel med dvema investicijskima podjetjema za njun račun ali v imenu strank izvrši zunaj pravil mesta trgovanja, je zadevni pristojni organ za namen določitve veljavne ureditve odloga pristojni organ investicijskega podjetja, ki je odgovorno za objavo posla prek APA v skladu z odstavki 5, 6 in 7 člena 7.
Transactions which are large in scale
Veliki posli
(Article 11(1)(a) of Regulation (EU) No 600/2014)
(člen 11(1)(a) Uredbe (EU) št. 600/2014)
A transaction shall be considered large in scale compared with normal market size where it is equal to or larger than the minimum size of transaction, which shall be calculated in accordance with the methodology set out in Article 13.
Posel se šteje za velikega v primerjavi z običajnim tržnim obsegom, kadar je enak ali večji od najmanjšega obsega posla, ki se izračuna v skladu z metodologijo iz člena 13.
The size specific to the financial instrument
Obseg, značilen za finančni instrument
(Article 11(1)(c) of Regulation (EU) No 600/2014)
(člen 11(1)(c) Uredbe (EU) št. 600/2014)
A transaction shall be considered above a size specific to the financial instrument where it is equal to or larger than the minimum size of transaction, which shall be calculated in accordance with the methodology set out in Article 13.
Posel se šteje za večjega od obsega, značilnega za finančni instrument, kadar je enak ali večji od najmanjšega obsega posla, ki se izračuna v skladu z metodologijo iz člena 13.
Transparency requirements in conjunction with deferred publication at the discretion of the competent authorities
Zahteve o preglednosti skupaj z odlogom objave po presoji pristojnih organov
(Article 11(3) of Regulation (EU) No 600/2014)
(člen 11(3) Uredbe (EU) št. 600/2014)