natgillin/translations-raw huggingface dataset:
the transaction is a give-up transaction or a give-in transaction;
posel je preneseni posel ali posredovani posel;
the purpose of the transaction is to transfer shares as collateral in bilateral transactions or in the context of central counterparty (CCP) margin or collateral requirements or as part of the default management process of a CCP;
namen posla je prenesti delnice kot zavarovanje v dvostranskih poslih ali v okviru zahteve centralne nasprotne stranke (CNS) po kritju ali po zavarovanju ali kot del procesa upravljanja primera neizpolnjevanja obveznosti CNS;
the transaction results in the delivery of shares in the context of the exercise of convertible bonds, options, covered warrants or other similar derivatives;
pri poslu se izročijo delnice na podlagi zamenjave zamenljivih obveznic in izvršitve opcij, kritih nakupnih bonov (covered warrant) ali drugih podobnih izvedenih finančnih instrumentov;
the transaction is a securities financing transaction;
posel je posel financiranja z vrednostnimi papirji;
the transaction is carried out under the rules or procedures of a trading venue, a CCP or a central securities depository to effect a buy-in of unsettled transactions in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council [8].
posel se izvede v skladu s pravili ali postopki mesta trgovanja, CNS ali centralne depotne družbe, da se izvede kritni nakup neporavnanih poslov v skladu z Uredbo (EU) št. 909/2014 Evropskega parlamenta in Sveta [8].
PRE-TRADE TRANSPARENCY
PREGLEDNOST PRED TRGOVANJEM
Pre-trade transparency for trading venues
Preglednost pred trgovanjem za mesta trgovanja
(Article 3(1) and (2) of Regulation (EU) No 600/2014)
(člen 3(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.
Upravljavci trga in investicijska podjetja, ki upravljajo mesto trgovanja, objavijo razpon ponujenih nakupnih in prodajnih cen ter globino trgovskih interesov pri teh cenah.
The information is to be made public in accordance with the type of trading systems they operate as set out in Table 1 of Annex I.
Informacije se objavijo v skladu z vrsto sistemov trgovanja, ki jih upravljajo, kot je določeno v tabeli 1 Priloge I.
The transparency requirements referred to in paragraph 1 shall also apply to any ‘actionable indication of interest’ as defined in Article 2(1)(33) and pursuant to Article 8 of Regulation (EU) No 600/2014.
Zahteve po preglednosti iz odstavka 1 se uporabljajo tudi za vse „navedbe interesov, na podlagi katerih je mogoče ukrepati“, kot so opredeljene v členu 2(1)(33), in v skladu s členom 8 Uredbe (EU) št. 600/2014.
Most relevant market in terms of liquidity
Najpomembnejši trg, kar zadeva likvidnost
(Article 4(1)(a) of Regulation (EU) No 600/2014)
(člen 4(1)(a) Uredbe (EU) št. 600/2014)
For the purposes of Article 4(1)(a) of Regulation (EU) No 600/2014, the most relevant market in terms of liquidity for a share, depositary receipt, ETF, certificate or other similar financial instrument shall be considered to be the trading venue with the highest turnover within the Union for that financial instrument.
Za namene člena 4(1)(a) Uredbe (EU) št. 600/2014 se za najpomembnejši trg, kar zadeva likvidnost, za delnico, potrdilo o lastništvu, investicijski sklad, s katerim se trguje na trgu, certifikat ali drug podoben finančni instrument, šteje mesto trgovanja z največjim prometom z zadevnim finančnim instrumentom v Uniji.
For the purpose of determining the most relevant markets in terms of liquidity in accordance with paragraph 1, competent authorities shall calculate the turnover in accordance with the methodology set out in Article 17(4) in respect of each financial instrument for which they are the competent authority and for each trading venue where that financial instrument is traded.
Za namen določitve najpomembnejših trgov, kar zadeva likvidnost, v skladu z odstavkom 1 pristojni organi izračunajo promet v skladu z metodologijo iz člena 17(4) za vsak finančni instrument, za katerega so pristojni organ, in za vsako mesto trgovanja, na katerem se trguje z navedenim finančnim instrumentom.
The calculation referred to in paragraph 2 shall have the following characteristics:
Za izračun iz odstavka 2 velja:
it shall include, for each trading venue, transactions executed under the rules of that trading venue excluding reference price and negotiated transactions flagged as set out in Table 4 of Annex I and transactions executed on the basis of at least one order that has benefitted from a large-in-scale waiver and where the transaction size is above the applicable large-in-scale threshold as determined in accordance with Article 7;
za vsako mesto trgovanja zajema posle, izvršene v skladu s pravili navedenega mesta trgovanja, kar izključuje referenčno ceno in posle, dogovorjene v pogajanjih, ki so označeni, kot je določeno v tabeli 4 Priloge I, in posle, izvršene na podlagi vsaj enega naročila, pri katerem se je izkoristila opustitev za velik tržni obseg in pri katerem je bila velikost posla večja od veljavnega praga velikega tržnega obsega, kot se določi v skladu s členom 7;
it shall cover either the preceding calendar year or, where applicable, the period of the preceding calendar year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
zajema predhodno koledarsko leto ali, kjer je to ustrezno, obdobje predhodnega koledarskega leta, v katerem je bil finančni instrument uvrščen v trgovanje ali se je z njim trgovalo na mestu trgovanja in v katerem se trgovanje z njim ni začasno ustavilo.
Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be the trading venue where that financial instrument is first admitted to trading or first traded.
Dokler se ne določi najpomembnejši trg za določen finančni instrument, kar zadeva likvidnost, v skladu s postopkom iz odstavkov 1 do 3, je najpomembnejši trg, kar zadeva likvidnost, mesto trgovanja, na katerem je bil finančni instrument prvič uvrščen v trgovanje ali na katerem se z njim prvič trguje.
Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue four weeks or less before the end of the preceding calendar year.
Odstavka 2 in 3 se ne uporabljata za delnice, potrdila o lastništvu, investicijske sklade, s katerimi se trguje na borzi, certifikate in druge podobne finančne instrumente, ki so bili prvič uvrščeni v trgovanje ali s katerimi se je prvič trgovalo na mestu trgovanja štiri tedne ali manj pred koncem predhodnega koledarskega leta.
Specific characteristics of negotiated transactions
Posebne značilnosti poslov, dogovorjenih v pogajanjih
(Article 4(1)(b) of Regulation (EU) No 600/2014)
(člen 4(1)(b) Uredbe (EU) št. 600/2014)
A negotiated transaction in shares, depositary receipts, ETF, certificates or other similar financial instruments shall be considered to be a transaction which is negotiated privately but reported under the rules of a trading venue and where any of the following circumstances applies:
Posel z delnicami, potrdili o lastništvu, investicijskimi skladi, s katerimi se trguje na borzi, certifikati in drugimi podobnimi finančnimi instrumenti, dogovorjen v pogajanjih, se šteje za zasebno izpogajani posel, vendar se sporoči v skladu s pravili mesta trgovanja in če je izpolnjen kateri koli od naslednjih pogojev:
two members or participants of that trading venue are involved in any of the following capacities:
dva člana ali udeleženca navedenega mesta trgovanja sta vključena v posel v kateri koli izmed naslednjih vlog:
one is dealing on own account when the other is acting on behalf of a client;
eden posluje za svoj račun, drugi pa deluje v imenu stranke;
both are dealing on own account;
oba poslujeta za svoj račun;
both are acting on behalf of a client;
oba delujeta v imenu stranke;
one member or participant of that trading venue is either of the following:
en član ali udeleženec navedenega mesta trgovanja:
acting on behalf of both the buyer and seller;
deluje tako v imenu kupca kot prodajalca ali
dealing on own account against a client order.
posluje za svoj račun na podlagi naročila stranke.
Negotiated transactions subject to conditions other than the current market price
Posli, dogovorjeni v pogajanjih, za katere veljajo drugi pogoji kot trenutna tržna cena
A negotiated transaction in shares, depositary receipts, ETFs, certificates and other similar financial instruments shall be subject to conditions other than the current market price of the financial instrument where any of the following circumstances applies:
Za posel z delnicami, potrdili o lastništvu, investicijskimi skladi, s katerimi se trguje na borzi, certifikati in drugimi podobnimi finančnimi instrumenti, dogovorjen v pogajanjih, veljajo drugi pogoji kot trenutna tržna cena finančnega instrumenta, če je izpolnjen kateri koli od naslednjih pogojev:
the transaction is executed in reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;
posel je izvršen na podlagi cene, ki se izračuna v več časovnih točkah glede na ustrezno referenčno merilo, vključno s posli, izvršenimi na podlagi povprečne cene posla, tehtane glede na obseg posla, ali povprečne časovne tehtane cene posla;
the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot;
posel je pogojen z nakupom, prodajo, izdajo ali odkupom pogodbe o izvedenih finančnih instrumentih ali drugega finančnega instrumenta, pri čemer se nameravajo vsi elementi posla izvršiti kot ena enota;
the transaction is executed by a management company as defined in Article 2(1)(b) of Directive 2009/65/EC or an alternative investment fund manager as defined in Article 4(1)(b) of Directive 2011/61/EU which transfers the beneficial ownership of financial instruments from one collective investment undertaking to another and where no investment firm is a party to the transaction;
posel izvrši družba za upravljanje, kot je opredeljena v členu 2(1)(b) Direktive 2009/65/ES, ali upravitelj alternativnih investicijskih skladov, kot je opredeljen v členu 4(1)(b) Direktive 2011/61/EU, ki prenese dejansko lastništvo finančnih instrumentov z enega kolektivnega naložbenega podjema na drugega, nobeno investicijsko podjetje pa ni stranka v poslu;
the transaction has as its purpose the transferring of financial instruments as collateral in bilateral transactions or in the context of a CCP margin or collateral requirements or as part of the default management process of a CCP;
namen posla je prenesti finančne instrumente kot zavarovanje v dvostranskih poslih ali v okviru zahtev CNS po kritju ali zavarovanju ali kot del procesa upravljanja primera neizpolnjevanja obveznosti CNS;
the transaction results in the delivery of financial instruments in the context of the exercise of convertible bonds, options, covered warrants or other similar financial derivative;
pri poslu se izročijo finančni instrumenti v okviru zamenjave zamenljivih obveznic ter izvršitve opcij, kritih nakupnih bonov ali drugih podobnih izvedenih finančnih instrumentov;
the transaction is carried out under the rules or procedures of a trading venue, a CCP or a central securities depository to effect buy-in of unsettled transactions in accordance with Regulation (EU) No 909/2014;
posel se izvede v skladu s pravili ali postopki mesta trgovanja, CNS ali centralne depotne družbe, da se izvede kritni nakup neporavnanih poslov v skladu z Uredbo (EU) št. 909/2014;
any other transaction equivalent to one of those described in points (a) to (i) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded.
vsak drug posel, ki je enakovreden poslom, opisanim v točkah od (a) do (i), v tem, da je pogojen s tehničnimi značilnostmi, ki niso povezane s trenutnim tržnim vrednotenjem finančnega instrumenta, s katerim se trguje.
Orders that are large in scale
Naročila, ki so velika
(Article 4(1)(c) of Regulation (EU) No 600/2014)
(člen 4(1)(c) Uredbe (EU) št. 600/2014)
An order in respect of a share, depositary receipt, certificate or other similar financial instrument shall be considered to be large in scale where the order is equal to or larger than the minimum size of orders set out in Tables 1 and 2 of Annex II.
Naročilo v zvezi z delnico, potrdilom o lastništvu, certifikatom ali drugim podobnim finančnim instrumentom se šteje za veliko, če je enako najmanjši velikosti naročil iz tabel 1 in 2 Priloge II ali večje od nje.
An order in respect of an ETF shall be considered to be large in scale where the order is equal to or larger than EUR 1000000.
Naročilo v zvezi z investicijskim skladom, s katerim se trguje na borzi, se šteje za veliko, če znaša 1000000 EUR ali več.
For the purpose of determining orders that are large in scale, competent authorities shall calculate, in accordance with paragraph 4, the average daily turnover in respect of shares, depositary receipts, certificates and other similar financial instruments traded on a trading venue.
Za namene določanja naročil, ki so velika, pristojni organi v skladu z odstavkom 4 izračunajo povprečni dnevni promet z delnicami, potrdili o lastništvu, certifikati in drugimi podobnimi finančnimi instrumenti, s katerimi se trguje na mestu trgovanja.
The calculation referred to in paragraph 3 shall have the following characteristics:
Za izračun iz odstavka 3 velja:
it shall include transactions executed in the Union in respect of the financial instrument, whether traded on or outside a trading venue;
vključuje posle s finančnim instrumentom, izvršene v Uniji, ne glede na to, ali se z njim trguje na mestu trgovanja ali zunaj njega;
it shall cover the period beginning on 1 January of the preceding calendar year and ending on 31 December of the preceding calendar year or, where applicable, that part of the calendar year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
zajema obdobje, ki se začne 1. januarja predhodnega koledarskega leta in konča 31. decembra predhodnega koledarskega leta ali, kjer je to ustrezno, obdobje predhodnega koledarskega leta, v katerem je bil finančni instrument uvrščen v trgovanje ali se je z njim trgovalo na mestu trgovanja in v katerem se trgovanje z njim ni začasno ustavilo.
Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments first admitted to trading or first traded on a trading venue four weeks or less before the end of the preceding calendar year.
Odstavka 3 in 4 se ne uporabljata za delnice, potrdila o lastništvu, certifikate in druge podobne finančne instrumente, ki so bili prvič uvrščeni v trgovanje ali s katerimi se je prvič trgovalo na mestu trgovanja štiri tedne ali manj pred koncem predhodnega koledarskega leta.
Unless the price or other relevant conditions for the execution of an order are amended, the waiver referred to in Article 4(1) of Regulation (EU) No 600/2014 shall continue to apply in respect of an order that is large in scale when entered into an order book but that, following partial execution, falls below the threshold applicable for that financial instrument as determined in accordance with paragraphs 1 and 2.
Če se cena ali drugi ustrezni pogoji za izvršitev naročila ne spremenijo, se opustitev iz člena 4(1) Uredbe (EU) št. 600/2014 še naprej uporablja za naročilo, ki je veliko, ko se vnese v knjigo naročil, a je po delni izvršitvi manjše od praga, ki se uporablja za navedeni finančni instrument, kot je določen v skladu z odstavkoma 1 in 2.
Before a share, depositary receipt, certificate or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account any previous trading history of that financial instrument and of other financial instruments that are considered to have similar characteristics, and ensure publication of that estimate.
Preden se z delnico, potrdilom o lastništvu, certifikatom ali drugim podobnim finančnim instrumentom prvič trguje na mestu trgovanja v Uniji, pristojni organ oceni povprečni dnevni promet z navedenim finančnim instrumentom, pri čemer upošteva morebitne pretekle podatke o trgovanju z navedenim finančnim instrumentom in drugimi finančnimi instrumenti, ki imajo podobne značilnosti, ter zagotovi objavo navedene ocene.
The estimated average daily turnover referred to in paragraph 6 shall be used for the calculation of orders that are large in scale during a six-week period following the date that the share, depositary receipt, certificate or other similar financial instrument was admitted to trading or first traded on a trading venue.
Ocenjen povprečni dnevni promet iz odstavka 6 se uporabi za izračun naročil, ki so velika, v šesttedenskem obdobju po dnevu, ko je bila delnica, potrdilo o lastništvu, certifikat ali drug podoben finančni instrument uvrščen v trgovanje ali pa se je z njim prvič trgovalo na mestu trgovanja.
The competent authority shall calculate and ensure publication of the average daily turnover based on the first four weeks of trading before the end of the six-week period referred to in paragraph 7.
Pristojni organ izračuna povprečni dnevni promet na podlagi prvih štirih tednov trgovanja in ga objavi pred koncem šesttedenskega obdobja iz odstavka 7.
The average daily turnover referred to in paragraph 8 shall be used for the calculation of orders that are large in scale and until an average daily turnover calculated in accordance with paragraph 3 applies.
Povprečni dnevni promet iz odstavka 8 se uporablja za izračun naročil, ki so velika, in dokler velja povprečni dnevni promet, izračunan v skladu z odstavkom 3.
For the purposes of this Article, the average daily turnover shall be calculated by dividing the total turnover for a particular financial instrument as specified in Article 17(4) by the number of trading days in the period considered.
Za namene tega člena se povprečni dnevni promet izračuna tako, da se skupni promet s posameznim finančnim instrumentom, kot je opredeljen v členu 17(4), deli s številom trgovalnih dni v zadevnem obdobju.
The number of trading days in the period considered is the number of trading days on the most relevant market in terms of liquidity for that financial instrument as determined in accordance with Article 4.
Število trgovalnih dni v zadevnem obdobju je število trgovalnih dni na najpomembnejšem trgu, kar zadeva likvidnost navedenega finančnega instrumenta, kot se določi v skladu s členom 4.
Type and minimum size of orders held in an order management facility
Vrsta in najmanjša velikost naročil v sistemu za upravljanje naročil
(Article 4(1)(d) of Regulation (EU) No 600/2014)
(člen 4(1)(d) Uredbe (EU) št. 600/2014)
is intended to be disclosed to the order book operated by the trading venue and is contingent on objective conditions that are pre-defined 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;
cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;
ne more sovplivati na druge trgovske interese pred razkritjem v knjigi naročil, ki jo vodi mesto trgovanja;
once disclosed to the order book, 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.
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, have one of the following sizes:
Velikost 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 naslednja:
in the case of a reserve order, a size that is greater than or equal to EUR 10000;
pri naročilu s skrito količino velikost 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 velikost enaka najmanjša količini, s katero se lahko trguje, ki jo vnaprej določi upravljavec sistema v skladu s svojimi pravili in protokoli.
A reserve order as referred to in paragraph 2(a) shall be considered a limit order consisting of a disclosed order relating to a portion of a 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, če se nerazkrita količina lahko izvrši šele po vnosu v knjigo naročil kot novo razkrito naročilo.
Pre-trade transparency for systematic internalisers and investment firms trading outside a trading venue
Preglednost pred trgovanjem za sistematične internalizatorje in investicijska podjetja, ki trgujejo zunaj mesta trgovanja
Arrangements for the publication of a firm quote
Ureditve glede objave zavezujoče ponudbe
(Article 14(1) of Regulation (EU) No 600/2014)
(člen 14(1) Uredbe (EU) št. 600/2014)
Any arrangement that a systematic internaliser adopts in order to comply with the obligation to make public firm quotes shall satisfy the following conditions:
Vsaka ureditev, ki jo sistematični internalizator sprejme za izpolnjevanje obveznosti objave zavezujočih ponudb, izpolnjuje naslednje pogoje:
the arrangement includes all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected;
ureditev vsebuje vse smiselne ukrepe, ki so potrebni za zagotovitev, da se objavljajo zanesljive informacije, ki se stalno spremljajo, da se odkrijejo napake, ki se popravijo takoj po odkritju;
the arrangement complies with technical arrangements equivalent to those specified for approved publication arrangements (APAs) in Article 15 of Delegated Regulation (EU) 2017/571 that facilitate the consolidation of the data with similar data from other sources;
ureditev je skladna s tehničnimi ureditvami, ki so enakovredne ureditvam, določenim za sisteme odobrenih objav (APA) v členu 15 Delegirane uredbe Komisije (EU) 2017/571, ki olajšujejo konsolidacijo podatkov s podobnimi podatki iz drugih virov;
the arrangement makes the information available to the public on a non-discriminatory basis;
ureditev zagotavlja nediskriminatorno objavo informacij;
the arrangement includes the publication of the time the quotes have been entered or amended in accordance with Article 50 of Directive 2014/65/EU as specified in Commission Delegated Regulation (EU) 2017/574 [9].
ureditev vključuje objavo časa vnosa ali spremembe ponudbe v skladu s členom 50 Direktive 2014/65/EU, kot je določeno v Delegirani uredbi Komisije (EU) 2017/574 [9].
Prices reflecting prevailing market conditions
Cene, ki odražajo prevladujoče tržne pogoje
(Article 14(3) of Regulation (EU) No 600/2014)
(člen 14(3) Uredbe (EU) št. 600/2014)