Operation of a trading venue
The CSSF’s mission is to supervise the financial markets, the operators of a regulated market authorised in Luxembourg which are specialised PFS, as well as the entities that operate an MTF or an OTF in Luxembourg. The CSSF also monitors compliance with the rules governing the access to and the functioning of the markets that these entities operate.
Currently one operator is authorised to manage and operate the business of a regulated market in Luxembourg: the Société de la Bourse de Luxembourg operating the regulated market named “Bourse de Luxembourg”. This operator also operates an MTF named “Euro MTF”. Currently, no other entity is authorised to operate in Luxembourg the business of a trading venue (regulated market, MTF or OTF) within the meaning of the Law of 30 May 2018 on markets in financial instruments.
Below you find explanations on some specific MiFID requirements for trading venues that have required the introduction of specific forms.
Circuit breakers reporting
In accordance with the second subparagraph of Article 48(5) of MiFID II, trading venues established in Luxembourg shall report to the CSSF the circuit breakers’ parameters and any material changes to those parameters using the form in the “Documentation” section.
For further details, please consult Circular CSSF 17/668.
Provision of arrangements to facilitate access to an MTF/OTF
In accordance with Article 8 of Commission Implementing Regulation (EU) 2017/2382, an investment firm or a market operator operating an MTF or OTF established in Luxembourg that intends to provide, within the territory of another Member State, appropriate arrangements to facilitate access to and trading on those systems by remote users, members or participants established in that Member State shall notify to the CSSF the details of the Member State in which it intends to provide such arrangements, using the form in the “Documentation” section.
All legal and regulatory documents related to this topic, including MiFID II/MiFIR Level 2 measures, can be found in the Regulatory framework section.