Large in Scale definition

Large in Scale means, in relation to an Order or Transaction in a Product, that it is above the “large in scale” threshold established by ESMA for the waiver from the requirements for publication of Pre-Trade Data or a deferral from the requirements for the publication of Post- Trade Data.
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Large in Scale means, with respect to an Order or Transaction, that it meets the conditions for the “Large in Scale Waiver” or “Large in Scale Deferral,” as appropriate, granted to the Operator for the Tullett Prebon (Europe) MTF by the relevant Competent Authority.
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Large in Scale means the threshold set from time to time by ESMA in
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Examples of Large in Scale in a sentence

  • We will usually pursue this course of action to allow our client’s trading interests to match on-exchange in transactions above Large in Scale.

  • A hidden order must have a minimum consideration, so it fits in with the Large in Scale (LIS) definition.

  • Good deeds can actually keep you away from God; so can baptism; so can anything else that is added to the sacrifice Christ made.

  • If the package complies with the above conditions, and at least one of the legs nominal value is greater than the threshold established by ESMA (Large in Scale LIS Pre-Trade) it will be accepted by the system, taking into account the exemption requested from ESMA for Package orders in the Prearranged Trading System, pending the confirmation of the counterparts.

  • We therefore supports the alternative approach based on a single Large in Scale (LIS) threshold.

  • We believe that, based on the existing ESMA model, the SSTI thresholds should be significantly lowered for all classes up to 5% (five percent) of the Large in Scale (LIS) threshold so as to avoid negative impacts for SI and intermediaries quoting in RFQ systems (on this regard, please refer to our introductory comment too).

  • Next there is a determination of whether the transaction is eligible for a Large in Scale deferral; if so it must be flagged (LRGS) on the trade.

  • These exemptions are respectively implemented through pre-trade transparency waivers for transactions above a certain volume threshold (Large in Scale waiver or ‘LIS’) and transactions in instruments classified as illiquid, regardless of their volumes (Illiquid Instrument waiver or ‘IL’).The implementing Regulation 2017/583 (“RTS 2”) sets out the methodology for calculating LIS thresholds and determining illiquid instruments.

  • Minimum Volume of Prearranged Trades: The thresholds established by ESMA are the so-called Large in Scale (LIS-pre trading), defined by active and underlying class and nominal.

  • This is especially the case for the Large in Scale Flag (“L”) as it will expose investment firms to undue risks because it is easy to guess who has got the large transaction in smaller markets like the Nordic markets.


More Definitions of Large in Scale

Large in Scale means the threshold set from time to time by ESMA in relation to a Financial Instrument, in accordance with Article 9(1)(a) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of
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Large in Scale means the threshold set in accordance with UK MiFIR;
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Large in Scale means the threshold set from time to time by ESMA
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Large in Scale means the threshold set from time to time by ESMA in relation to a Financial Instrument, in accordance with Article 9(1)(a) of 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;
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Large in Scale means the threshold set from time to time by ESMA in relation to a Financial Instrument, in accordance with Article 9(1)(a) of MiFIR Regulation “Liquid” means a Financial Instrument for which ESMA has from time to time classified as having a liquid market, as defined in Article 2(1)(17) of MiFIR Regulation “Market Rules” means these Market Rules as may be made, amended or replaced from time to time by MTS “Market” Means the electronic platform organised as a multilateral trading facility managed by MTS and denominated BondVision Europe MTF “Membership Documentation” means the Application form and the Annexes thereto submitted by Participants to MTS “MiFIR Regulation” 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 “Minimum Trading Size” means the minimum quoting and trading quantity for Quotes and Orders as determined by MTS “MTS” means MTS S.p.A market management company with registered office in Rome, Via Tomacelli 146. “MTS Italy” The regulated market for trading of government bonds operated by MTS S.p.A. “Multilateral Trading Facility or MTF” Multilateral Trading Facility pursuant to Article 1.5-octies of the Consolidated Act on Finance “Order” means the acceptance, whether whole or partial, of a Quote, transmitted via the Market and processed immediately by the Market; an Order can be anExecutable Order or a Request for Quote
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Large in Scale means, with respect to an Order or Transaction, that it meets the conditions for the “Large in Scale Waiver” or “Large in Scale Deferral,” as appropriate, granted to the Operator for the Tullett Prebon (Europe) MTF by the relevant Competent Authority. 3. MIC Code The Segment MIC code for the Government Bonds Segment is TEMB. 4. Trading Hours The Government Bonds Segment is available for trading during the normal market hours for trading in Government Bonds Products, subject to the Operator’s discretion. Normal hours are 06:00 to 17:30 in London, England. 5. Products Trading is permitted in the Government Bonds Segment in the following Financial Instruments: Financial InstrumentsParameters (Currency)Government Bonds (Nominal bonds)All currenciesGovernment Bonds (Inflation bonds)All currencies Trading is permitted in the Government Bonds Segment in the following types of Transactions (including Package Transactions): Transaction TypesParameters (where applicable)OutrightA single transaction in a simultaneous buy and sellof outright Government Bond.Switch / SpreadA single Transaction that results in a simultaneous buy and sell of two or moreoutright government bondsBasisBonds can be traded as a gross basis vs futurescontract 6. Submission Mechanism The following submission mechanism is available on the Government Bonds Segment: ProtocolSub-ProtocolElectronicGUI, email 7. Execution Methodology The Government Bonds Segment supports trading in Anonymous Transactions and Bilaterally Settled Transactions. Anonymous Transactions are Bilaterally Settled Transactions against a pre-selected Matched Principal Counterparty. Tullett Prebon Securities Limited (a private limited company incorporated in England and Wales with registered company number 02670499 and authorised and regulated by the FCA, with FCA firm reference number 154234), has been selected and approved as the Matched Principal Counterparty for all Anonymous Transactions between Participants to the Transaction.Participants must notify the Operator that they will accept to enter into Transactions with the Matched Principal Counterparty and the Matched Principal Counterparty must have notified the Operator that they will accept to enter into Transactions with the Participant.Where a component of a Package Transaction in the Government Bonds Segment requires Execution or registration on another Execution Venue or Registering Execution Venue, the rules and execution methodology of that other Execution Venue or ...
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