natgillin/translations-raw huggingface dataset:
In order to prevent divergent application of this Regulation and to ensure fair and non-discriminatory implementation of market making schemes, it is crucial that all members of, participants in and clients of a trading venue are informed in a coordinated manner of the occurrence of exceptional circumstances.
Da ne bi bilo razhajanj v uporabi te uredbe in da bi zagotovili pošteno in nediskriminatorno izvajanje shem za vzdrževanje trga, je nujno, da so vsi člani mesta trgovanja, udeleženci na njem in njegove stranke usklajeno obveščeni o nastopu izjemnih razmer.
It is therefore necessary to specify the communication obligations of the trading venues in such exceptional circumstances.
Zato je treba določiti obveznosti obveščanja mest trgovanja v tovrstnih izjemnih razmerah.
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] –
Obligation for investment firms to enter into a market making agreement
Obveznost investicijskih podjetij, da sklenejo sporazum o vzdrževanju trga
Investment firms shall enter into a market making agreement regarding the financial instrument or instruments in which they pursue a market making strategy with the trading venue or venues at which this strategy takes place where, during half of the trading days over a one month period, in execution of the market making strategy, they:
Investicijska podjetja sklenejo sporazum o vzdrževanju trga v zvezi s finančnim instrumentom ali instrumenti, pri katerih izvajajo strategijo vzdrževanja trga, z mestom ali mesti trgovanja, na katerih ta strategija poteka, če pri izvajanju strategije vzdrževanja trga polovico trgovalnih dni v enem mesecu:
post firm, simultaneous two-way quotes of comparable size and competitive prices
objavljajo zavezujoče dvosmerne ponudbe primerljivega obsega in po konkurenčnih cenah;
deal on their own account in at least one financial instrument on one trading venue for at least 50 % of the daily trading hours of continuous trading at the respective trading venue, excluding opening and closing auctions.
za svoj račun trgujejo z vsaj enim finančnim instrumentom na enem mestu trgovanja vsaj 50 % dnevnih ur kontinuiranega trgovanja na zadevnem mestu trgovanja, brez upoštevanja začetnih in zaključnih dražb.
a quote shall be deemed to be a firm quote where it includes orders and quotes that under the rules of a trading venue can be matched against an opposite order or quote;
se ponudba šteje za zavezujočo, če zajema naročila in ponudbe, ki jih je mogoče v okviru pravil mesta trgovanja združiti z nasprotnim naročilom ali ponudbo;
quotes shall be deemed simultaneous two-way quotes if they are posted in such a way that both the bid and the ask-price are present in the order book at the same time;
se ponudbe štejejo za dvosmerne ponudbe, če so objavljene tako, da sta v knjigi naročil istočasno navedeni nakupna in ponudbena cena;
two quotes shall be deemed of comparable size when their sizes do not diverge by more than 50 % from each other;
se šteje, da sta ponudbi primerljivega obsega, če se po obsegu ne razlikujeta za več kot 50 %;
quotes shall be deemed to have competitive prices where they are posted at or within the maximum bid-ask range set by the trading venue and imposed upon every investment firm that has signed a market making agreement with that trading venue.
se šteje, da so cene ponudb konkurenčne, če so objavljene po ceni, ki je znotraj največjega cenovnega razpona med ponudbo in povpraševanjem, ki ga določi mesto trgovanja in ga zahteva od vsakega investicijskega podjetja, ki je z njim podpisalo sporazum o vzdrževanju trga.
Content of market making agreements
Vsebina sporazumov o vzdrževanju trga
The content of a binding written agreement referred to in Article 17(3)(b) and Article 48(2) of Directive 2014/65/EU shall include at least:
Vsebina zavezujočega pisnega sporazuma iz člena 17(3)(b) in člena 48(2) Direktive 2014/65/EU zajema vsaj:
the financial instrument or instruments covered by the agreement;
finančni instrument ali instrumente, ki jih zajema sporazum;
the minimum obligations to be met by the investment firm in terms of presence, size and spread that shall require at least posting firm, simultaneous two-way quotes of comparable size and competitive prices in at least one financial instrument on the trading venue for at least 50 % of daily trading hours of during which continuous trading takes place excluding opening and closing auctions and calculated for each trading day;
minimalne obveznosti, ki jih mora investicijsko podjetje izpolnjevati glede prisotnosti, obsega in razpona ter v katerih se mora zahtevati vsaj objavljanje zavezujočih dvosmernih ponudb primerljivega obsega in po konkurenčnih cenah za vsaj en finančni instrument na mestu trgovanja vsaj 50 % dnevnih ur trgovanja, med katerimi poteka kontinuirano trgovanje, brez upoštevanja začetnih in zaključnih dražb ter izračunano za vsak dan trgovanja.
where appropriate, the terms of the applicable market making scheme;
kjer je primerno, pogoje sheme za vzdrževanje trga, ki se uporablja;
the obligations of the investment firm in relation to the resumption of trading after volatility interruptions;
obveznosti investicijskega podjetja glede ponovne vzpostavitve trgovanja po prekinitvi zaradi nestanovitnosti;
the surveillance, compliance and audit obligations of the investment firm enabling it to monitor its market making activity;
obveznosti nadzora, zagotavljanja skladnosti in revizije investicijskega podjetja, s katerimi lahko spremlja svojo dejavnost vzdrževanja trga;
the obligation to flag firm quotes submitted to the trading venue under the market making agreement in order to distinguish those quotes from other order flows;
obveznost označevanja zavezujočih ponudb, predloženih mestu trgovanja v skladu s sporazumom o vzdrževanju trga, da je mogoče te ponudbe ločiti od drugih tokov naročil;
the obligation to maintain records of firm quotes and transactions relating to the market making activities of the investment firm, which are clearly distinguished from other trading activities and to make those records available to the trading venue and the competent authority upon request.
obveznost vodenja evidenc zavezujočih ponudb in poslov v zvezi z dejavnostmi investicijskega podjetja za vzdrževanje trga, ki se jasno ločijo od drugih trgovalnih dejavnosti, in dajanja teh evidenc na razpolago mestu trgovanja in pristojnemu organu na njegovo zahtevo.
Trading venues shall continuously monitor the effective compliance of the relevant investment firms with the market making agreements.
Mesta trgovanja stalno spremljajo dejansko zagotavljanje skladnosti zadevnih investicijskih podjetij s sporazumi o vzdrževanju trga.
The obligation for investment firms to provide liquidity on a regular and predictable basis laid down in Article 17(3)(a) of Directive 2014/65/EU shall not apply in any of the following exceptional circumstances:
Obveznost investicijskih podjetij, da redno in predvidljivo zagotavljajo likvidnost, iz člena 17(3) (a) Direktive 2014/65/EU, se ne uporablja v naslednjih izjemnih razmerah:
a situation of extreme volatility triggering volatility mechanisms for the majority of financial instruments or underlyings of financial instruments traded on a trading segment within the trading venue in relation to which the obligation to sign a market making agreement applies;
razmere skrajne nestanovitnosti, v katerih se sprožijo mehanizmi za primer nestanovitnosti za večino finančnih instrumentov ali osnovnih instrumentov za finančne instrumente, s katerimi se trguje v segmentu trgovanja znotraj mesta trgovanja, za katerega velja obveznost podpisa sporazuma o vzdrževanju trga;
war, industrial action, civil unrest or cyber sabotage;
vojna, kolektivni ukrepi, nemiri ali kibernetska sabotaža;
disorderly trading conditions where the maintenance of fair, orderly and transparent execution of trades is compromised, and evidence of any of the following is provided:
neurejeni pogoji trgovanja, v katerih je onemogočeno vzdrževanje poštene, urejene in pregledne izvedbe poslov in je dokazano kar koli od naslednjega:
the performance of the trading venue's system being significantly affected by delays and interruptions;
na delovanje sistema mesta trgovanja pomembno vplivajo zamude ali prekinitve;
multiple erroneous orders or transactions;
več napačnih naročil ali poslov;
the capacity of a trading venue to provide services becoming insufficient;
sposobnost mesta trgovanja za opravljanje storitev ni več zadostna;
where the investment firm's ability to maintain prudent risk management practices is prevented by any of the following:
če investicijsko podjetje ne more več izvajati razumnih praks za obvladovanje tveganj iz katerega koli od naslednjih razlogov:
technological issues, including problems with a data feed or other system that is essential to carry out a market making strategy;
tehnološke težave, vključno s težavami s prenosom podatkov ali kakšnim drugim sistemom, ki je bistvenega pomena za izvedbo strategije vzdrževanja trga;
risk management issues in relation to regulatory capital, margining and access to clearing,
težave pri obvladovanju tveganj v zvezi z regulativnim kapitalom, kritjem in dostopom do kliringa;
the inability to hedge a position due to a short selling ban;
nezmožnost varovanja pozicije zaradi prepovedi prodaje na kratko;
for non-equity instruments, during the suspension period referred to in Article 9(4) of Regulation (EU) No 600/2014 of the European Parliament and of the Council [3].
če gre za nelastniške vrednostne papirje, med obdobjem opustitve iz člena 9(4) Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [3].
Identification of exceptional circumstances
Prepoznavanje izjemnih razmer
Trading venues shall make public the occurrence of the exceptional circumstances referred to in points (a), (b), (c) and (e) of Article 3 and, as soon as technically possible, the resumption of their normal trading after the exceptional circumstances have ceased to exist.
Mesta trgovanja objavijo, da so nastopile izjemne okoliščine iz člena 3(1)(a), (b), (c) in (e), ter, takoj ko je tehnično možno, da je po koncu izjemnih okoliščin vzpostavljeno normalno trgovanje.
Trading venues shall set out clear procedures to resume normal trading after the exceptional circumstance have ceased to exist, including the timing of such resumption, and shall make those procedures publicly available.
Mesta trgovanja določijo jasne postopke za ponovno vzpostavitev normalnega trgovanja po koncu izjemnih razmer, vključno z rokom za ponovno vzpostavitev, in navedene postopke objavijo.
Trading venues shall not extend the declaration of exceptional circumstances beyond market close unless this is necessary in the circumstances referred to in points (b), (c) and (e) of Article 3(1).
Mesta trgovanja razglasitve izjemnih razmer ne smejo razširiti preko zaključka trgovanja, razen če je to potrebno v okoliščinah iz člena 3(1)(b), (c) in (e).
Obligation for trading venues to have market making schemes in place
Obveznost mest trgovanja, da vzpostavijo sheme za vzdrževanje trga
Trading venues shall not be required to have market making scheme as referred to in Article 48(2)(b) of Directive 2014/65/EU in place except for any of the following classes of financial instruments traded through a continuous auction order book trading system:
Mesta trgovanja niso dolžna vzpostaviti shem za vzdrževanje trga iz člena 48(2)(b) Direktive 2014/65/EU, razen kadar se v okviru trgovalnega sistema za avtomatsko povezovanje naročil trguje s katerim koli izmed naslednjih razredov finančnih instrumentov:
shares and exchange traded funds for which there is a liquid market as defined in accordance with Article 2(1)(17) of Regulation (EU) No 600/2014 and as specified in Commission Delegated Regulation (EU) 2017/567 [4];
delnice in investicijski skladi, s katerimi se trguje na borzi in za katere obstaja likvidni trg, kot je opredeljen v skladu s členom 2(1)(17) Uredbe (EU) št. 600/2014 in kot je določen v Delegirani uredbi Komisije (EU) 2017/567 [4];
options and futures directly related to the financial instruments set out in point (a);
opcije in terminske pogodbe, ki so neposredno povezane s finančnimi instrumenti iz točke (a);
equity index futures and equity index options for which there is a liquid market as specified in accordance with point (c) of Article 9(1) and point (c) of Article 11(1) of Regulation (EU) No 600/2014 and Commission Delegated Regulation (EU) 2017/583 [5].
terminske pogodbe in opcije na delniške indekse, za katere obstaja likvidni trg, kot je opredeljen v skladu s členom 9(1)(c) in členom 11(1)(c) Uredbe (EU) št. 600/2014 in Delegirani uredbi Komisije (EU) 2017/583 [5].
For the purposes of paragraph 1, a continuous auction order book trading system means a system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis.
„Trgovalni sistem za avtomatsko povezovanje naročil“ za namene odstavka 1 pomeni sistem, ki z uporabo knjige naročil in algoritma trgovanja, ki delujeta brez človeškega posredovanja, neprekinjeno združuje naročila za prodajo z naročili za nakup na podlagi najboljše razpoložljive cene.
Minimum obligations as regards the market making schemes
Minimalne obveznosti glede shem za vzdrževanje trga
Trading venues shall describe in their market making scheme the incentives and the requirements that must be met in terms of presence, size and spread by investment firms in order to access those incentives under:
Mesta trgovanja v svoji shemi za vzdrževanje trga opišejo spodbude in zahteve, ki jih morajo investicijska podjetja izpolniti glede prisotnosti, obsega in razpona, da lahko dostopajo so teh spodbud v:
normal trading conditions where the trading venue offers incentives under such conditions.
normalnih pogojih trgovanja, če mesto trgovanja nudi spodbude v takih pogojih;
stressed market conditions, taking into account the additional risks under such conditions.
težkih tržnih pogojih ob upoštevanju dodatnih tveganj v takih pogojih.
Trading venues shall set out the parameters to identify stressed market conditions in terms of significant short-term changes of price and volume.
Mesta trgovanja določijo parametre za prepoznavanje težkih tržnih pogojev v smislu znatnih kratkoročnih sprememb cene in obsega.
Trading venues shall consider the resumption of trading after volatility interruptions as stressed market conditions.
Mesta trgovanja štejejo za težke tržne pogoje ponovno vzpostavitev trgovanja po prekinitvah zaradi nestanovitnosti.
For the purposes of point (a) under paragraph 1, trading venues may in their market making schemes specify that incentives shall only be granted to the best performer or performers.
Mesta trgovanja lahko za namene točke (a) odstavka 1 v svojih shemah vzdrževanja trga določijo, da se spodbude odobrijo samo udeležencu ali udeležencem z najboljšimi rezultati.
Fair and non-discriminatory market making schemes
Poštene in nediskriminatorne sheme za vzdrževanje trga
Trading venues shall publish on their websites the terms of the market making schemes, the names of the firms that have signed market making agreements under each of those schemes and the financial instruments covered by those agreements.
Mesta trgovanja na svojih spletnih mestih objavijo pogoje shem za vzdrževanje trga, imena podjetij, ki so podpisala sporazum o vzdrževanju trga v okviru vsake od navedenih shem, in finančne instrumente, za katere veljajo navedeni sporazumi.
Trading venues shall communicate any changes to the terms of the market making schemes to the participants in those schemes at least one month prior to their application.
Mesta trgovanja o spremembah pogojev v shemah za vzdrževanje trga obvestijo udeležence v teh shemah vsaj mesec dni pred začetkom uporabe sprememb.
Trading venues shall provide the same incentives to all participants who perform equally in terms of presence, size and spread, in their market making schemes.
Mesta trgovanja v svojih shemah za vzdrževanje trga zagotovijo iste spodbude vsem udeležencem, ki dosežejo enake rezultate glede prisotnosti, obsega in razpona.
Trading venues shall not limit the number of participants in a market making scheme.
Mesta trgovanja ne omejujejo števila udeležencev v shemah za vzdrževanje trga.
However, they may limit the access to the incentives included in the scheme to the firms which have met pre-determined thresholds.
Lahko pa omejijo dostop do spodbud, zajetih v shemi, na podjetja, ki so dosegla vnaprej določene pragove.
Trading venues shall continuously monitor the effective compliance of the participants with the market making schemes.
Mesta trgovanja stalno spremljajo dejansko zagotavljanje skladnosti zadevnih udeležencev s shemami za vzdrževanje trga.
Trading venues shall establish procedures to communicate the existence of stressed market conditions on its trading venue to all participants in a market making scheme through readily accessible channels.
Mesta trgovanja vzpostavijo postopke za obveščanje vseh udeležencev v shemi za vzdrževanje trga o obstoju težkih tržnih pogojev na svojem mestu trgovanja po enostavno dostopnih kanalih.
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.
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, str.
Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (see page 90 of this Official Journal).
Delegirana uredba Komisije (EU) 2017/567 z dne 18. maja 2016 o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta v zvezi z opredelitvijo pojmov, preglednostjo, stiskanjem portfelja ter nadzornimi ukrepi glede poseganja v zvezi s produkti in pozicij (glej str. 90 tega Uradnega lista).
supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the direct, substantial and foreseeable effect of derivative contracts within the Union and the prevention of the evasion of rules and obligations
o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta o trgih finančnih instrumentov glede regulativnih tehničnih standardov v zvezi z neposrednim, znatnim in predvidljivim učinkom pogodb o izvedenih finančnih instrumentih v Uniji ter preprečevanjem izogibanja predpisom in obveznostim
Having regard to 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 [1], and in particular Article 28(5) thereof,
ob upoštevanju Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 [1] in zlasti člena 28(5) Uredbe,
Given the broad variety of over-the-counter (OTC) derivative contracts, in order to determine when an OTC derivative contract may be considered to have a direct, substantial and foreseeable effect within the Union as set out in Article 28(2) of Regulation (EU) No 600/2014 and to specify cases where it is necessary or appropriate to prevent the evasion of rules and obligations arising from any provision of Regulation (EU) No 648/2012 of the European Parliament and the Council [2], a criteria-based approach should be adopted.
Da bi glede na raznolikost pogodb o izvedenih finančnih instrumentih OTC določili, kdaj se lahko šteje, da ima pogodba o izvedenih finančnih instrumentih OTC neposreden, znaten in predvidljiv učinek v Uniji, kot je določeno v členu 28(2) Uredbe (EU) št. 600/2014, in določili primere, kjer je nujno ali primerno preprečiti izogibanje predpisom in obveznostim, ki izhajajo iz katere koli določbe Uredbe (EU) št. 648/2012 Evropskega parlamenta in Sveta [2], bi bilo treba sprejeti pristop, ki temelji na merilih.
Article 33(3) of Regulation (EU) No 600/2014 states that the conditions laid down in Articles 28 and 29 of that Regulation are deemed to be fulfilled when at least one of the counterparties is established in a country for which the Commission has adopted an implementing act declaring equivalence in accordance with Article 33(2) of Regulation (EU) No 600/2014.
Člen 33(3) Uredbe (EU) št. 600/2014 določa, da se šteje, da so pogoji iz členov 28 in 29 navedene uredbe izpolnjeni, če ima vsaj ena nasprotna stranka sedež v tretji državi, za katero je Komisija sprejela izvedbeni akt o enakovrednosti v skladu s členom 33(2) Uredbe (EU) št. 600/2014.
The present regulatory technical standards should therefore also apply to contracts where both counterparties are established in a third country whose legal, supervisory and enforcement arrangements have not yet been declared equivalent to the requirements laid down in that Regulation.
Ti regulativni tehnični standardi bi se zato morali uporabljati tudi za pogodbe, pri katerih imata obe nasprotni stranki sedež v tretji državi, katere pravne, nadzorne in izvršilne ureditve še niso razglašene za enakovredne zahtevam, določenim v navedeni uredbi.
Therefore Union competent authorities should closely cooperate with those third country competent authorities in order to ensure that the relevant provisions are applied and enforced.
Zato bi morali pristojni organi Unije tesno sodelovati s temi pristojnimi organi tretjih držav, da bi zagotovili uporabo in izvrševanje zadevnih določb.
Given the intrinsic relationship between this Regulation and Commission Delegated Regulation (EU) No 285/2014 [3], the technical terms necessary for a comprehensive understanding of the technical standards should have the same meaning.
Glede na tesno povezavo med to uredbo in Delegirano uredbo Komisije (EU) št. 285/2014 [3], bi strokovni izrazi, potrebni za celovito razumevanje tehničnih standardov, morali imeti enak pomen.
Given that the risk would depend on the size of the guarantee granted by financial counterparties in order to cover OTC derivative contracts and given the interconnections between financial counterparties compared to non-financial counterparties, only OTC derivative contracts concluded by entities established in third countries that are covered by a guarantee which exceeds certain quantitative thresholds and is provided by financial counterparties established in the Union should be considered as having a direct, substantial and foreseeable effect in the Union.
Glede na to, da bi bilo tveganje odvisno od velikosti jamstva, ki ga za kritje pogodb o izvedenih finančnih instrumentih OTC nudijo finančne nasprotne stranke, in glede na medsebojno povezanost med finančnimi nasprotnimi strankami v primerjavi z nefinančnimi nasprotnimi strankami bi se poleg tega morale samo pogodbe o izvedenih finančnih instrumentih OTC, ki so jih sklenili subjekti s sedežem v tretjih državah, krite z jamstvom, ki presega nekatere količinske omejitve in ga zagotovijo finančne nasprotne stranke s sedežem v Uniji, šteti kot pogodbe, ki imajo neposreden, znaten in predvidljiv učinek v Uniji.