natgillin/translations-raw huggingface dataset:
To ensure that market participants purchasing data from a particular trading venue receive a consistent data set, it is necessary to require market operators or investment firms operating a trading venue to determine in those cases where the disaggregation criteria cannot be applied in an unambiguous manner which criteria a financial instrument or type of data should be deemed to meet.
Da bi zagotovili, da udeleženci na trgu, ki pridobivajo podatke, pridobijo dosleden sklop podatkov, je treba od upravljavcev trga ali investicijskih podjetij, ki upravljajo mesto trgovanja, zahtevati, da v primerih, v katerih meril za razdruževanje ni mogoče uporabiti na nedvoumen način, določijo, katera merila naj bi izpolnjeval finančni instrument ali vrsta podatkov.
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date.
Zaradi doslednosti in za zagotavljanje nemotenega delovanja finančnih trgov je nujno, da se določbe iz te uredbe in določbe iz Uredbe (EU) št. 600/2014 uporabljajo od istega datuma.
Offering of pre-trade and post-trade transparency data
Zagotavljanje podatkov o preglednosti pred trgovanjem in po njem
A market operator or investment firm operating a trading venue shall upon request make the information published in accordance with Articles 3, 4 and 6 to 11 of Regulation (EU) No 600/2014 available to the public by offering pre-trade and post-trade data disaggregated, in accordance with the following criteria:
Upravljavec trga ali investicijsko podjetje, ki upravlja mesto trgovanja, na zahtevo da informacije, objavljene v skladu s členi 3, 4 in od 6 do 11 Uredbe (EU) št. 600/2014, na razpolago javnosti, tako da podatke o preglednosti pred trgovanjem in po njem nudi ločeno, v skladu z naslednjimi merili:
the nature of the asset class:
narava razreda finančnih instrumentov:
depositary receipts, ETFs, certificates and other similar financial instruments referred to in Article 3 of Regulation (EU) No 600/2014;
potrdila o lastništvu, investicijski sklad, s katerim se trguje na borzi, potrdila in drugi podobni finančni instrumenti iz člena 3 Uredbe (EU) št. 600/2014;
bonds and structured finance products;
obveznice in strukturirani finančni produkti;
emission allowances;
emisijski kuponi;
derivatives;
izvedeni finančni instrumenti;
the country of issue for shares and sovereign debt;
država izdaje pri delnicah in državnih vrednostnih papirjih;
the currency in which the financial instrument is traded;
valuta, v kateri se trguje s finančnim instrumentom;
scheduled daily auctions as opposed to continuous trading.
predvidene dnevne dražbe za razliko od kontinuiranega trgovanja.
Derivatives referred to in point (a)(v) shall be disaggregated in accordance with the following criteria:
Izvedeni finančni instrumenti iz točke (a)(v) se razdružijo v skladu z naslednjimi merili:
equity derivatives;
lastniški izvedeni finančni instrumenti;
interest rate derivatives;
obrestni izvedeni finančni instrumenti;
credit derivatives;
kreditni izvedeni finančni instrumenti;
foreign exchange derivatives;
valutni izvedeni finančni instrumenti;
commodity and emission allowance derivatives;
izvedeni finančni instrumenti na blago in finančni instrumenti za pravice do emisij;
other derivatives.
drugi izvedeni finančni instrumenti.
The market operator or investment firm operating a trading venue shall determine which criteria a financial instrument or type of data meets where the disaggregation criteria in paragraphs 1 or 2 cannot be applied in an unambiguous manner.
Če meril za razdruževanje iz odstavkov 1 in 2 ni mogoče uporabiti na nedvoumen način, upravljavec trga ali investicijsko podjetje, ki upravlja mesto trgovanja, določi, katera merila izpolnjuje finančni instrument.
The market operator or investment firm operating a trading venue shall apply the criteria referred to in paragraphs 1 and 2 in any combination upon request.
Upravljavec trga ali investicijsko podjetje, ki upravlja mesto trgovanja, merila iz odstavkov 1 in 2 na zahtevo uporabi v kakršni koli kombinaciji.
In addition to offering the data in accordance with paragraph 1 and 2, a market operator or investment firm operating a trading venue may offer bundles of data.
Poleg nudenja podatkov v skladu z odstavkoma 1 in 2 lahko upravljavec trga ali investicijsko podjetje, ki upravlja mesto trgovanja, nudi tudi podatke v svežnjih.
It shall apply from the date referred to in the second paragraph of Article 55 of Regulation (EU) No 600/2014.
Uporablja se od datuma iz drugega odstavka člena 55 Uredbe (EU) št. 600/2014.
supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on requirements to ensure fair and non-discriminatory co-location services and fee structures
o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta o trgih finančnih instrumentov v zvezi z regulativnimi tehničnimi standardi glede zahtev za zagotovitev poštenih in nediskriminatornih storitev kolokacije in struktur pristojbin
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 Article 48(12)(d),
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 člena 48(12)(d),
It is important to adopt detailed regulatory technical standards to clearly identify conditions when co-location and fee structures used by trading venues may be considered fair and non-discriminatory.
Pomembno je sprejeti podrobne regulativne tehnične standarde, da se jasno določijo pogoji, pod katerimi se lahko kolokacija in strukture pristojbin, ki jih uporabljajo mesta trgovanja, štejejo za poštene in nediskriminatorne.
Directive 2014/65/EU extends the requirements relating to co-location and fee structures to multilateral trading facilities and organised trading facilities.
Direktiva 2014/65/EU zahteve v zvezi s kolokacijo in strukturami pristojbin razširja na večstranske sisteme trgovanja in organizirane sisteme trgovanja.
It is therefore important to ensure that those venues are also within the scope of this Regulation.
Zato je pomembno zagotoviti, da so v področju uporabe te uredbe zajeta tudi navedena mesta trgovanja.
In order to ensure harmonised conditions, common requirements should apply to all types of co-location services and to trading venues that organise their own data centres or that use data centres owned or managed by third parties.
Zaradi zagotovitve usklajenih pogojev bi se morale skupne zahteve uporabljati za vse vrste storitev kolokacije in za mesta trgovanja, ki organizirajo lastne podatkovne centre ali uporabljajo podatkovne centre, ki jih imajo v lasti ali jih upravljajo tretje osebe.
Trading venues should have the ability to determine their commercial policy as regards co-location and determine which types of market participants they want to grant access to those services provided that their commercial policy is based on objective, transparent and non-discriminatory criteria.
Mesta trgovanja bi morala imeti možnost opredeliti svojo poslovno politiko glede kolokacije in določiti, katerim vrstam udeležencev na trgu želijo zagotoviti dostop do teh storitev, pod pogojem, da njihova poslovna politika temelji na objektivnih, preglednih in nediskriminatornih merilih.
Trading venues should not be required to extend their co-location capacities beyond the limits of the space, power, cooling or similar facilities available and should have discretion to decide whether they expand their co-location space or not.
Od mest trgovanja se ne bi smelo zahtevati, da povečajo svojo zmogljivost kolokacije preko razpoložljivih zmogljivosti glede prostora, moči, hlajenja ali podobnih zmogljivosti, pri čemer bi morala imeti pravico, da se sama odločijo, ali bodo povečala svoj prostor za kolokacijo ali ne.
Fair and non-discriminatory co-location services and fee structures require a sufficient degree of transparency to ensure that the obligations laid down in Directive 2014/65/EU are not circumvented.
Poštene in nediskriminatorne storitve kolokacije in strukture pristojbin zahtevajo zadostno stopnjo preglednosti za zagotovitev, da se ni mogoče izogniti izpolnjevanju obveznosti, določenih v Direktivi 2014/65/EU.
Trading venues should therefore use objective criteria when determining rebates, incentives and disincentives.
Mesta trgovanja bi morala zato pri določanju rabatov, spodbud in odvračilnih dejavnikov uporabljati objektivna merila.
Fee structures that contribute to conditions leading to disorderly trading conditions through encouraging intensive trading and that may lead to a stress of market infrastructures should be prohibited.
Strukture pristojbin, ki s spodbujanjem intenzivnega trgovanja prispevajo k pogojem, ki vodijo v neurejene pogoje trgovanja, in bi lahko povzročile izjemno obremenitev tržnih infrastruktur, bi bilo treba prepovedati.
Therefore, volume discounts should be allowed, provided that, as price differentiation schemes, they are based on the total trading volume, the total number of trades or the cumulated trading fees generated by one member whereby only the marginal trade executed subsequently to reaching the threshold is executed at a reduced price.
Zato bi bilo treba dovoliti količinske popuste pod pogojem, da kot sheme cenovnih razlik temeljijo na celotnem obsegu trgovanja, skupnem številu poslov ali skupnih pristojbinah za trgovanje, ki jih ustvari en član, pri čemer se po znižani ceni izvršijo samo posli, izvršeni po tem, ko je bil dosežen ustrezen prag.
The European Securities and Markets Authority 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],
Evropski organ za vrednostne papirje in trge je o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, izvedel odprta javna posvetovanja, analiziral morebitne s tem povezane stroške in koristi ter zaprosil 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] –
Fair and non-discriminatory co-location services
Poštene in nediskriminatorne storitve kolokacije
Trading venues providing co-location services shall, within the limits of the space, power, cooling and similar facilities available, ensure that such services are provided in a fair and non-discriminatory manner as laid down in paragraphs 2, 3 and 4 in relation to the following:
Mesta trgovanja, ki zagotavljajo storitve kolokacije, v okviru razpoložljivih zmogljivosti glede prostora, moči, hlajenja in podobnih zmogljivosti zagotovijo, da se takšne storitve zagotavljajo pošteno in nediskriminatorno, kakor je določeno v odstavkih 2, 3 in 4, v zvezi s:
data centres they own and manage;
podatkovnimi centri, ki so v njihovi lasti in jih upravljajo;
data centres they own which are managed by a third party selected by them;
podatkovnimi centri, ki so v njihovi lasti in jih upravlja tretja oseba, ki so jo izbrala;
data centres that are owned and managed by a third party with which the trading venue has an outsourcing arrangement for the organisation of the execution infrastructure of the trading venue as well as of the proximity access to it;
podatkovnimi centri, ki so v lasti tretje osebe, s katero ima mesto trgovanja sklenjen dogovor o zunanjem izvajanju za organizacijo infrastrukture izvrševanja na mestu trgovanja ter gostovanja v bližini za dostop do nje, in jih ta tretja oseba upravlja;
proximity hosting services owned and managed by a third party with a contractual arrangement with a trading venue.
storitvami gostovanja v bližini, ki jih ima v lasti in jih upravlja tretja oseba, ki ima pogodbeni dogovor z mestom trgovanja.
Trading venues shall provide all users which have subscribed to the same co-location services access to their network under the same conditions, including as regards space, power, cooling, cable length, access to data, market connectivity, technology, technical support and messaging types.
Mesta trgovanja vsem uporabnikom, ki so se naročili na iste storitve kolokacije, zagotavljajo dostop do svojega omrežja pod enakimi pogoji, vključno v zvezi s prostorom, močjo, hlajenjem, dolžino kabla, dostopom do podatkov, povezljivostjo s trgom, tehnologijo, tehnično podporo in vrstami sporočanja.
Trading venues shall take all reasonable steps to monitor all connections and latency measurements to ensure the non-discriminatory treatment of all users of co-location services that have the same type of latency access.
Mesta trgovanja sprejmejo vse razumne ukrepe za spremljanje vseh povezav in meritev časovnega zamika, da se zagotovi nediskriminatorna obravnava vseh uporabnikov storitev kolokacije, ki imajo isto vrsto dostopa s časovnim zamikom.
Trading venues shall make available individual co-location services, without any requirement to purchase bundled services.
Mesta trgovanja zagotavljajo posamezne storitve kolokacije brez kakršne koli obveznosti nakupa paketnih storitev.
Transparency when providing co-location services
Preglednost pri zagotavljanju storitev kolokacije
Trading venues shall publish the following information on their co-location services on their websites:
Mesta trgovanja na svojih spletnih straneh objavijo naslednje informacije o svojih storitvah kolokacije:
a list of services provided providing information about space, power, cooling, cable length, access to data, market connectivity, technology, technical support, message types, telecommunications and related products and services;
seznam storitev, ki se zagotavljajo, z informacijami o prostoru, moči, hlajenju, dolžini kabla, dostopu do podatkov, povezljivosti s trgom, tehnologiji, tehnični podpori, vrsti sporočil, telekomunikacijah ter povezanih proizvodih in storitvah;
the fee structure for each service as set out in Article 3(2);
strukturo pristojbin za vsako storitev, kot je določeno v členu 3(2);
the conditions for accessing the service, including IT requirements and operational arrangements;
pogoje za dostop do storitve, vključno z informacijsko-tehnološkimi zahtevami in operativnimi ureditvami;
the different types of latency of access available;
različne vrste dostopa s časovnim zamikom, ki so na voljo;
the procedure to allocate co-location space;
postopek za dodelitev kolokacijskega prostora;
the requirements on third party providers of co-location services, where applicable.
zahteve za tretje osebe, ki zagotavljajo storitve kolokacije, če je to ustrezno.
Fair and non-discriminatory fees
Poštene in nediskriminatorne pristojbine
Trading venues shall charge the same fee and provide the same conditions to all users of the same type of services based on objective criteria.
Mesta trgovanja na podlagi objektivnih meril zaračunajo enako pristojbino in zagotovijo enake pogoje vsem uporabnikom iste vrste storitev.
Trading venues shall only establish different fee structures for the same type of services where those fee structures are based on non-discriminatory, measurable and objective criteria relating to:
Mesta trgovanja vzpostavijo različne strukture pristojbin za isto vrsto storitev samo, če take strukture pristojbin temeljijo na nediskriminatornih, merljivih in objektivnih merilih v zvezi s:
the total volume traded, the numbers of trades or cumulated trading fees;
celotnim obsegom trgovanja, številom poslov ali skupnimi pristojbinami za trgovanje;
the services or packages of services provided by the trading venue;
storitvami ali svežnji storitev, ki jih zagotavlja mesto trgovanja;
the scope or field of use demanded;
zahtevanim obsegom ali področjem uporabe;
the provision of liquidity in accordance with Article 48(2) of Directive 2014/65/EU or in a capacity of being a market maker as defined in Article 4(1)(7) of Directive 2014/65/EU;
zagotavljanjem likvidnosti v skladu s členom 48(2) Direktive 2014/65/EU ali v vlogi vzdrževalca trga, kakor je opredeljen v členu 4(1)(7) Direktive 2014/65/EU.
Trading venues shall ensure that their fee structure is sufficiently granular to allow users to predict the payable fees on the basis of at least the following elements:
Mesta trgovanja zagotovijo, da je njihova struktura pristojbin dovolj razčlenjena, da uporabnikom omogoča predvideti pristojbine, ki jih je treba plačati, na podlagi vsaj naslednjih elementov:
chargeable services, including the activity which will triggers the fee;
plačljivih storitev, vključno z dejavnostjo, ki sproži zaračunavanje pristojbine;
the fee for each service, stating whether the fee is fixed or variable;
pristojbine za vsako storitev z navedbo, ali je pristojbina fiksna ali spremenljiva;
rebates, incentives or disincentives.
rabatov, spodbud ali odvračilnih dejavnikov.
Trading venues shall make individual services available without being bundled with other services.
Mesta trgovanja zagotavljajo posamezne storitve ločeno od drugih storitev.
Transparency of fee structures
Preglednost struktur pristojbin
Trading venues shall publish the objective criteria for the establishment of their fees and fee structures and other conditions provided for in Article 3, together with execution fees, ancillary fees, rebates, incentives and disincentives in one comprehensive and publicly accessible document on their website.
Mesta trgovanja objavijo objektivna merila za določanje svojih pristojbin in struktur pristojbin ter drugih pogojev iz člena 3, in sicer skupaj s pristojbinami za izvršitev, dodatnimi pristojbinami, rabati, spodbudami in odvračilnimi dejavniki, v enem izčrpnem in javno dostopnem dokumentu na svojem spletišču.
Prohibited fee structures
Prepovedane strukture pristojbin
Trading venues shall not offer their members, participants or clients a fee structure whereby, once their trades exceed a given threshold, all of their trades benefit from a lower fee for a set period, including those trades that were executed prior to reaching that threshold.
Mesta trgovanja svojim članom, udeležencem ali strankam ne nudijo strukture pristojbin, pri kateri se po tem, ko njihovo trgovanje preseže določen prag, za vse njihove posle v določenem obdobju zaračuna nižja pristojbina, vključno s tistimi posli, ki so bili izvršeni, preden je bil ta prag dosežen.
It shall apply fom 3 January 2018.
Uporablja se od 3. januarja 2018.
OJ L 173, 12.6.2014, p. 349
UL L 173, 12.6.2014, str. 349.
supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks
o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta v zvezi z regulativnimi tehničnimi standardi za stopnjo natančnosti poslovnih ur
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 the third subparagraph of Article 50(2) 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 tretjega pododstavka člena 50(2) Direktive,
Clock synchronisation has a direct impact in many areas.
Uskladitev poslovnih ur neposredno vpliva na številna področja.
In particular it contributes to ensuring that post-trade transparency data can readily be part of a reliable consolidated tape.
Zlasti prispeva k zagotovitvi, da lahko podatki o preglednosti po trgovanju hitro postanejo del zanesljivega sistema stalnih informacij.
It is also essential for conducting cross-venue monitoring of orders and detecting instances of market abuse and allows for a clearer comparison between the transaction and the market conditions prevailing at the time of their execution.
Bistvena je tudi za spremljanje naročil na različnih mestih trgovanja in odkrivanje primerov zlorabe trga, omogoča pa tudi boljšo primerjavo med posli in prevladujočimi tržnimi pogoji v času njihove izvršitve.
The number of orders received every second by a trading venue can be very high, much higher than that of executed transactions.
Število naročil, ki jih vsako sekundo prejme mesto trgovanja, je lahko zelo visoko, znatno višje kot število izvršenih poslov.
This may extend to several thousands of orders per second depending on the trading venue, the type of members or participants or clients of a given trading venue, and the financial instruments' volatility and liquidity.
To število se lahko poveča na več tisoč naročil na sekundo, odvisno od mesta trgovanja, vrste članov, udeležencev ali strank danega mesta trgovanja ter nestanovitnosti in likvidnosti finančnih instrumentov.
As a result, a time granularity of one second would not be sufficient for the purposes of effective market manipulation surveillance of certain types of trading activities.
Zaradi tega natančnost podatkov, določena na eno sekundo, pri nekaterih vrstah trgovanja ne bi zadostovala za učinkovit nadzor odkrivanja tržnih manipulacij.
Therefore, it is necessary to establish minimum granularity requirements for recording the date and time of reportable events by operators of trading venues and their members or participants.
Zato je treba določiti minimalne zahteve o ravni natančnosti podatkov glede beleženja datuma in časa dogodkov, o katerih poročajo upravljavci mest trgovanja in njihovi člani ali udeleženci.
Competent authorities need to be able to reconstruct all events relating to an order throughout the lifetime of each order in an accurate time sequence.
Pristojni organi morajo biti zmožni rekonstruirati vse dogodke, ki so povezani z naročilom, za celotno trajanje vsakega naročila in v natančnem časovnem zaporedju.
Competent authorities need to be able to reconstruct these events over multiple trading venues on a consolidated level to be able to conduct effective cross-venue monitoring on market abuse.
Pristojni organi morajo biti zmožni rekonstruirati te dogodke na več mestih trgovanja, in sicer na konsolidirani ravni, da se lahko učinkovito spremljajo zlorabe trga na različnih mestih trgovanja.
It is therefore necessary to establish a common reference time and rules on maximum divergence from the common reference time to ensure that all operators of trading venues and their members or participants are recording the date and time based on the same time source and in accordance with consistent standards.
Zato je treba vzpostaviti enoten referenčni čas in pravila o največjem dovoljenem odstopanju od enotnega referenčnega časa za zagotovitev, da vsi upravljavci mest trgovanja in njihovi člani ali udeleženci beležijo datum in čas na podlagi istega časovnega vira in enotnih standardov.
It is also necessary to provide for accurate time stamping to allow competent authorities to distinguish between different reportable events which may otherwise appear to have taken place at the same time.
Prav tako je treba zagotoviti natančno časovno žigosanje, da se pristojnim organom omogoči razlikovanje med različnimi dogodki, o katerih se poroča, za katere se lahko drugače zdi, da so se zgodili istočasno.
There are however, trading models for which increased accuracy might not be relevant or feasible.
Vendar obstajajo modeli trgovanja, za katere večja natančnost morda ne bo relevantna ali izvedljiva.
Voice trading systems or request for quote systems where the response requires human intervention or does not allow algorithmic trading, or systems which are used for concluding negotiated transactions should be subject to different accuracy standards.
Drugačni standardi za natančnost bi morali veljati za sisteme za glasovno trgovanje ali sisteme zahtevkov za ponudbe, pri katerih odziv zahteva poseg fizične osebe ali ne omogoča algoritemskega trgovanja, ali sisteme, ki se uporabljajo za sklepanje poslov, dogovorjenih v pogajanjih.