natgillin/translations-raw huggingface dataset:
Trading venues operating those trading systems are not typically susceptible to the high volume of events that can happen within the same second, meaning that it is not necessary to impose a finer granularity to time stamping of those events since it is less likely that there would be multiple events occurring at the same time.
Mesta trgovanja, ki upravljajo navedene sisteme trgovanja, ponavadi niso občutljiva na velike količine dogodkov, ki se lahko zgodijo v isti sekundi, kar pomeni, da ni treba uvesti večje natančnosti za časovno žigosanje navedenih dogodkov, saj je manj verjetno, da bi se več dogodkov zgodilo ob istem času.
In addition, trades on those trading venues may be agreed using manual methods which can take time to agree.
Poleg tega se posli na navedenih mestih trgovanja sklenejo z ročnimi metodami, kar je lahko zamudno.
In those trading venues there is also an inherent delay between the moment when the trade is executed and the moment when the trade is recorded in the trading system, meaning that applying more stringent accuracy requirements would not necessarily lead to more meaningful and accurate record keeping by the operator of the trading venue, its members or participants.
Ker na navedenih mestih trgovanja že obstaja zamik med trenutkom, ko se posel izvrši, in trenutkom, ko je posel zabeležen v sistem trgovanja, uvedba strožjih zahtev glede natančnosti ne bi nujno pomenila bolj smiselnega in natančnejšega beleženja podatkov s strani upravljavca mesta trgovanja, njegovih članov ali udeležencev.
Competent authorities need to understand how trading venues and their members or participants are ensuring their traceability to Coordinated Universal Time (UTC).
Pristojni organi morajo razumeti, kako mesta trgovanja, njihovi člani ali udeleženci zagotavljajo svojo sledljivost na podlagi univerzalnega svetovnega časa(UTC).
This is because of the complexity of the different systems and the number of alternative methods that can be used to synchronise to UTC.
To zahtevata kompleksnost različnih sistemov in število alternativnih metod, ki se lahko uporabijo za uskladitev z UTC.
Given that clock drift can be affected by many different elements, it is also appropriate to determine an acceptance level for the maximum divergence from UTC.
Glede na to, da lahko na časovni zamik vplivajo številni različni elementi, je primerno tudi, da se določi sprejemljiva raven za največje dovoljeno odstopanje od UTC.
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 [2],
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 [2] –
Reference time
Referenčni čas
Operators of trading venues and their members or participants shall synchronise the business clocks they use to record the date and time of any reportable event with the Coordinated Universal Time (UTC) issued and maintained by the timing centres listed in the latest Bureau international des poids et mesures Annual Report on Time Activities.
Upravljavci mest trgovanja in njegovi člani ali udeleženci uskladijo poslovne ure, s katerimi beležijo datum in čas vseh dogodkov, o katerih se poroča, z usklajenim svetovnim časom (UTC), ki ga objavijo in vodijo centri za merjenje časa, navedeni v zadnji številki letnega poročila o dejavnostih merjenja časa, ki ga izdaja Bureau international des poids et mesures.
Operators of trading venues and their members or participants may also synchronise the business clocks they use to record the date and time of any reportable event with UTC disseminated by a satellite system, provided that any offset from UTC is accounted for and removed from the timestamp.
Upravljavci mest trgovanja in njihovi člani ali udeleženci lahko uskladijo poslovne ure, s katerimi beležijo datum in čas dogodkov, o katerih se poroča, tudi z UTC, ki se prenaša prek satelitskega sistema, pod pogojem da se upoštevajo vsa časovna odstopanja od UTC in se izbrišejo iz časovnega žiga.
Level of accuracy for operators of trading venues
Stopnja natančnosti za upravljavce mest trgovanja
Operators of trading venues shall ensure that their business clocks adhere to the levels of accuracy specified in Table 1 of the Annex according to the gateway to gateway latency of each of their trading systems.
Upravljavci mest trgovanja zagotovijo, da njihove poslovne ure upoštevajo stopnjo natančnosti iz razpredelnice 1 Priloge v skladu z zakasnitvijo prehoda (gateway to gateway latency) za vsak sistem trgovanja.
Gateway to gateway latency shall be the time measured from the moment a message is received by an outer gateway of the trading venue's system, sent through the order submission protocol, processed by the matching engine, and then sent back until an acknowledgement is sent from the gateway.
Zakasnitev prehoda je čas, ki se meri od trenutka, ko je zunanji usmerjevalnik mesta trgovanja prejel sporočilo, ki gre nato skozi protokol za predložitev naročila, se obdela z napravo za povezovanje poslov (matching engine) in se pošlje nazaj, do trenutka, ko je iz usmerjevalnika poslano potrdilo o prejemu.
By derogation from paragraph 1, operators of trading venues that operate a voice trading system, request for quote system where the response requires human intervention or does not allow algorithmic trading, or a system that formalises negotiated transactions in accordance with Article 4(1)(b) of Regulation (EU) No 600/2014 of the European Parliament and of the Council [3] shall ensure that their business clocks do not diverge by more than one second from UTC referred to in Article 1 of this Regulation.
Z odstopanjem od odstavka 1 upravljavci mest trgovanja, ki upravljajo sistem za glasovno trgovanje, sistem zahtevkov za ponudbe, pri katerem odziv zahteva poseg fizične osebe ali ne omogoča algoritemskega trgovanja, ali sistem, ki formalizira posle, dogovorjene v pogajanjih, v skladu s členom 4(1)(b) Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [3], zagotavljajo, da njihove poslovne ure ne odstopajo za več kot eno sekundo od UTC iz člena 1 te uredbe.
The operator of the trading venue shall ensure that times are recorded to at least a one second granularity.
Upravljavec mesta trgovanja zagotovi, da so časi zabeleženi vsaj na eno sekundo natančno.
Operators of trading venues that operate multiple types of trading systems shall ensure that each system adheres to the level of accuracy applicable to that system in accordance with paragraphs 1 and 2.
Upravljavci mest trgovanja, ki so vključeni v različne vrste trgovanja, zagotovijo, da vsak sistem upošteva stopnjo natančnosti, ki se uporablja za navedeni sistem v skladu z odstavkoma 1 in 2.
Level of accuracy for members or participants of a trading venue
Stopnja natančnosti za člane ali udeležence mesta trgovanja
Members or participants of trading venues shall ensure that their business clocks used to record the time of reportable events adhere to the level of accuracy specified in Table 2 of the Annex.
Člani ali udeleženci mesta trgovanja zagotovijo, da njihove poslovne ure, s katerimi beležijo datum in čas dogodkov, o katerih se poroča, upoštevajo stopnjo natančnosti iz razpredelnice 2 Priloge.
Members or participants of trading venues that engage in multiple types of trading activities shall ensure that the systems that they use to record reportable events adhere to the level of accuracy applicable to each of these trading activities in accordance with the requirements set out in Table 2 of the Annex.
Člani ali udeleženci na mestih trgovanja, ki so vključeni v različne vrste trgovanja, zagotovijo, da sistemi, s katerimi beležijo datum in čas dogodkov, o katerih se poroča, upoštevajo stopnjo natančnosti, ki se uporablja za vsako od teh vrst trgovanja, v skladu z zahtevami iz razpredelnice 2 Priloge.
Compliance with the maximum divergence requirements
Izpolnjevanje zahtev o največjem dovoljenem odstopanju
Operators of trading venues and their members or participants shall establish a system of traceability to UTC.
Upravljavci mest trgovanja in njihovi člani ali udeleženci vzpostavijo sistem sledljivosti glede na UTC.
They shall be able to demonstrate traceability to UTC by documenting the system design, functioning and specifications.
Zmožni so dokazati sledljivost glede na UTC z dokumentiranjem informacij o sestavi, delovanju in posebnostih sistema.
They shall be able to identify the exact point at which a timestamp is applied and demonstrate that the point within the system where the timestamp is applied remains consistent.
Zmožni so opredeliti natančen trenutek, ko se uporabi časovni žig, in dokazati, da se trenutek znotraj sistema, ko se uporabi časovni žig, vedno dosledno opredeli.
They shall conduct a review of the compliance of the traceability system with this Regulation at least once a year.
Vsaj enkrat letno izvedejo pregled skladnosti sistema sledljivosti s to uredbo.
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
Uredba (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 (UL L 173, 12.6.2014, p. 84)
Gateway-to-gateway latency time of the trading system
Zakasnitev prehoda sistema trgovanja
Maximum divergence from UTC
Največje dovoljeno odstopanje od UTC
Granularity of the timestamp
Raven natančnosti časovnega žiga
1 millisecond or better
1 milisekunda ali natančneje
100 microseconds
100 mikrosekund
1 microsecond or better
1 mikrosekunda ali natančneje
Type of trading activity
Vrsta trgovanja
Activity using high frequency algorithmic trading technique
Dejavnost, ki se izvaja s tehniko visokofrekvenčnega algoritemskega trgovanja
High frequency algorithmic trading technique.
Tehnika visokofrekvenčnega algoritemskega trgovanja
Activity on voice trading systems
Dejavnost, ki se izvaja s sistemom glasovnega trgovanja
Voice trading systems as defined in Article 5(5) of Commission Delegated Regulation (EU) 2017/583 [1]
Sistemi glasovnega trgovanja, kakor so določeni v členu 5(5) Delegirane uredbe Komisije (EU) 2017/583 [1]
1 second or better
1 sekunda ali natančneje
Activity on request for quote systems where the response requires human intervention or where the system does not allow algorithmic trading
Dejavnost v okviru sistemov zahtevkov za ponudbe, pri katerih odziv zahteva poseg fizične osebe ali ki ne omogočajo algoritemskega trgovanja
Request for quotes systems as defined in Article 5(4) of Delegated Regulation (EU) 2017/583
Sistemi zahtevkov za ponudbe, kot so opredeljeni v členu 5(4) Delegirane uredbe Komisije (EU) 2017/583
Activity of concluding negotiated transactions
Dejavnost sklepanja poslov, dogovorjenih v pogajanjih
Negotiated transaction as set out in Article 4(1)(b) of Regulation (EU) No 600/2014.
Posli, dogovorjeni v pogajanjih, kakor so določeni v členu 4(1)(b) Uredbe št. 600/2014.
Any other trading activity
Vse druge vrste trgovanja
All other trading activity not covered by this table.
Vse druge vrste trgovanja, ki niso zajete v tej razpredelnici.
supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions
o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta o trgih finančnih instrumentov v zvezi z regulativnimi tehničnimi standardi za podatke, ki jih morajo mesta izvrševanja objaviti o kakovosti izvrševanja poslov
Having regard to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU [1], and in particular point (a) of the first subparagraph of Article 27(10) thereof,
ob upoštevanju Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU [1] in zlasti točke (a) prvega pododstavka člena 27(10) Direktive;
With a view to providing both the public and investment firms with relevant data on execution quality to help them determine the best way to execute client orders, it is important to set out the specific content, format and the periodicity of data relating to the quality of execution of financial instruments subject to the trading obligation in Articles 23 and 28 of Regulation (EU) No 600/2014 of the European Parliament and of the Council [2] to be published by trading venues and systematic internalisers It is also important to set out the specific content, format and the periodicity of data relating to the quality of execution of other financial instruments which are not subject to the trading obligation and which execution venues are required to publish.
Da bi javnosti in investicijskim podjetjem zagotovili ustrezne podatke o kakovosti izvrševanja ter jim tako pomagali določiti najboljši način izvrševanja naročil strank, je treba določiti posebno vsebino, obliko in pogostost objavljanja podatkov, povezanih s kakovostjo izvrševanja finančnih instrumentov, za katere velja obveznost trgovanja iz členov 23 in 28 Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [2], ki jih morajo objaviti mesta trgovanja in sistematični internalizatorji.
In this respect, due regard should be given to the type of execution venue and the type of financial instrument concerned.
Določiti je treba tudi posebno vsebino, obliko in pogostost objavljanja podatkov, povezanih s kakovostjo izvrševanja drugih finančnih instrumentov, za katere obveznost trgovanja ne velja in o katerih morajo podatke objaviti mesta izvrševanja.
In order to fully assess the extent of the quality of execution of transactions that take place in the Union, it is appropriate that execution venues which may be selected by investment firms to execute client orders comply with requirements on data to be provided by execution venues in accordance with this Regulation.
V zvezi s tem bi bilo treba ustrezno upoštevati vrsto mesta izvrševanja in vrsto zadevnega finančnega instrumenta.
To this effect, these execution venues should include regulated markets, multilateral trading facilities, organised trading facilities, systematic internalisers, market makers and other liquidity providers.
Da bi celovito ocenili obseg kakovosti izvrševanja poslov, ki potekajo v Uniji, je primerno, da mesta izvrševanja, ki jih lahko investicijska podjetja izberejo za izvršitev naročil strank, izpolnjujejo zahteve o podatkih, ki jih morajo mesta izvrševanja predložiti v skladu s to uredbo.
Differences in the type of execution venue and financial instruments require that the content of reporting should vary depending on several factors.
Zato bi morala navedena mesta izvrševanja vključevati regulirane trge, večstranske sisteme trgovanja, organizirane sisteme trgovanja, sistematične internalizatorje, vzdrževalce trga in druge ponudnike likvidnosti.
It is appropriate to differentiate the amount and nature of reported data according to trading systems, trading modes and trading platforms to provide a proper context for the quality of execution obtained.
Zaradi različnih vrst mest izvrševanja in finančnih instrumentov bi se morala vsebina poročila razlikovati glede na več dejavnikov.
To avoid inappropriate comparison between execution venues and ensure the relevance of collected data, execution venues should submit separate reports corresponding to segments that operate different order books or that are regulated differently or use different market segment identifiers.
Primerno je razlikovati med količino in naravo sporočenih podatkov glede na sisteme trgovanja, načine trgovanja in trgovalne platforme, da se zagotovi ustrezen kontekst za pridobljeno kakovost izvrševanja.
To ensure an accurate picture of the quality of execution that effectively occurred, trading venues should not publish among executed orders those traded over the counter and reported onto the trading venue.
Da bi se izognili neprimernim primerjavam med mesti izvrševanja in zagotovili ustreznost zbranih podatkov, bi morala mesta izvrševanja predložiti ločena poročila za segmente, ki upravljajo različne knjige naročil ali ki so drugače urejeni ali uporabljajo različne identifikatorje segmentov trga.
When market makers and other liquidity providers are reporting as execution venues for financial instruments which are not subject to the trading obligation, they should only publish information on the orders executed or the price quoted for their clients when the orders are either quoted or executed over the counter, or executed pursuant to Articles 4 and 9 of Regulation (EU) No 600/2014, excluding orders which are held in an order management facility of a trading venue pending disclosure.
Da bi zagotovili točno sliko kakovosti izvrševanja, do katere je dejansko prišlo, mesta trgovanja med izvršenimi naročili ne bi smela objaviti tistih, ki so bila izvršena izven organiziranega trga in sporočena na mesto trgovanja.
It is appropriate to consider that other liquidity providers should include firms that hold themselves out as being willing to deal on own account, and which provide liquidity as part of their normal business activity, whether or not they have formal agreements in place or commit to providing liquidity on a continuous basis.
Kadar vzdrževalci trga in drugi ponudniki likvidnosti poročajo kot mesta izvršitve za finančne instrumente, za katere ne velja obveznost trgovanja, bi morali podatke o izvršenih naročilih ali ponujeni ceni za svoje stranke objaviti le, kadar so naročila ponujena ali izvršena izven organiziranega trga ali izvršena v skladu s členoma 4 in 9 Uredbe (EU) št. 600/2014, pri čemer so izvzeta naročila, ki so v sistemu za upravljanje naročil mesta trgovanja do njihovega razkritja.
In order to have complete transparency on the quality of execution for transactions in relation to price, it is appropriate that the information provided in relation to price should exclude all commissions or accrued interest, where relevant.
Primerno je upoštevati, da bi morala biti med druge ponudnike likvidnosti vključena podjetja, ki so pripravljena poslovati za svoj račun in ki ponujajo likvidnost v okviru svojega običajnega poslovanja, ne glede na to, ali imajo sklenjene formalne dogovore ali ne in ali se zavežejo k stalnemu zagotavljanju likvidnosti.
In determining appropriate information for assessing price quality, both daily average levels and point-in-time information should be required.
Da bi zagotovili popolno preglednost kakovosti izvrševanja za posle glede cene, je primerno, da bi podatki, ki se predložijo v zvezi s ceno, izključevali vse provizije ali natečene obresti, kjer je primerno.
This will provide participants with an appropriate context and a more complete picture when analysing the quality of execution obtained.
Pri določanju ustreznih podatkov za ocenjevanje kakovosti cen bi se morali zahtevati podatki o dnevnih povprečnih ravneh in podatki v točki v času.
In order to allow for price comparisons between financial instruments it is also necessary to specify the currency code of any reported transaction.
To bo udeležencem zagotovilo ustrezen kontekst in bolj celovito sliko pri analizi pridobljene kakovosti izvrševanja.
To ensure regulatory consistency, it is not appropriate to require trading venues to provide details of transactions that remain, at the time of publication, subject to a deferral of publication in compliance with requirements on post trade transparency.
Da bi omogočili primerjavo cen finančnih instrumentov, je treba določiti tudi kodo valute vsakega sporočenega posla.
It is appropriate that systematic internalisers, market makers and other liquidity providers be exempt from publishing point-in-time transaction data for any transactions above standard market size or above size specific to the financial instrument in order to avoid those venues becoming subject to undue risk of disclosing commercially sensitive information that might hinder their ability to hedge exposures and provide liquidity.
Da bi zagotovili regulativno skladnost, ni primerno zahtevati, da mesta trgovanja predložijo podatke o poslih, za katere v trenutku objave velja odložitev objave v skladu z zahtevami o preglednosti po trgovanju.
For shares, exchange-traded funds and certificates deemed to be illiquid under Regulation (EU) No 600/2014, the standard market size threshold to be used is the minimum available standard market size for that type of financial instrument.
Primerno je, da so sistematični internalizatorji, vzdrževalci trga in drugi ponudniki likvidnosti izvzeti iz objave podatkov o poslih v točki v času za vse posle, ki so večji od standardnega tržnega obsega ali večji od obsega, ki je značilen za finančni instrument, da bi se izognili temu, da bi navedena mesta izpostavili nepotrebnemu tveganju razkritja poslovno občutljivih podatkov, kar bi lahko oviralo njihovo sposobnost varovanja pred tveganji in zagotavljanja likvidnosti.
To avoid uncertainty, it is appropriate to clarify that reference to large in scale and size specific to the financial instrument have the same meaning as set out in the post trade transparency requirements.
Za delnice, investicijske sklade, s katerimi se trguje na borzi, in certifikate, za katere se šteje, da so nelikvidni v skladu z Uredbo (EU) št. 600/2014, je prag standardne tržne velikosti, ki se uporabi, minimalni razpoložljivi standardni tržni obseg za vrsto posameznega finančnega instrumenta.
It is essential to have full transparency on all costs charged when executing an order through a given venue.
Za preprečevanje nejasnosti je primerno pojasniti, da ima sklicevanje na „velik tržni obseg“ in „obseg, ki je značilen za finančni inštrument“, enak pomen, kot je določen v zahtevah o preglednosti po trgovanju.
It is necessary to specify all costs in the execution of a client order relevant to the use of a specific venue and for which the client pays directly or indirectly.
Pomembno je, da so pri izvršitvi naročila prek danega mesta popolnoma pregledni vsi zaračunani stroški.
Those costs should include execution fees, including fees for the submission, modification or cancellation of orders or quotes withdrawals, as well as any fees related to market data access or use of terminals.
Treba je določiti vse stroške izvršitve naročila stranke, ki so relevantni pri uporabi določenega mesta in ki jih stranka plača posredno ali neposredno.
The relevant costs may also include clearing or settlement fees or any other fees paid to third parties involved in the execution of the order when they are part of the services provided by the execution venue.
Navedeni stroški bi morali vključevati pristojbine za izvršitev, vključno s pristojbinami za oddajo, spremembo ali preklic naročil ali umik ponudb, ter vse pristojbine, povezane z dostopom do tržnih podatkov ali uporabo terminalov.
Information on costs should also include taxes or levies directly invoiced to or incurred by the venue on behalf of the members or users of the execution venue or the client to whom the order refers.
Zadevni stroški lahko vključujejo tudi stroške za kliring ali poravnavo ali druge pristojbine, plačane tretjim osebam, ki so udeležene pri izvršitvi naročila, če so del storitev, ki jih zagotavlja mesto izvršitve.
Likelihood of execution indicates the probability of execution of a particular type of order and is supported by details on trading volumes in a particular instrument or other characteristics of orders and transactions.
Podatki o stroških bi morali vključevati tudi davke ali dajatve, ki jih mesto neposredno zaračunava ali ki nastanejo v imenu članov ali uporabnikov mesta izvrševanja ali stranke, na katero se sklicuje naročilo.