Spain – CNMV Pre-Trade Transparency

Spain – CNMV Pre-Trade Transparency

On 11 May 2020, ESP CNMV announced suspension of MIFIR exemptions.

  • ESP CNMV announced suspension for 6 months of exemptions to pre-transparency obligations in the negotiation of certain listed shares as per data published by ESMA.
  • Follows ESMA January 2020 issued latest MIFID II double volume cap data.


  • Follows ESMA new data regarding volume limitation mechanism (double volume cap).
  • It turns out 8% threshold has been exceeded with respect to certain instruments admitted to trading on Spanish stock exchanges in accordance with art 5.4 of MIFIR.


  • Thus, in compliance with MIFIR and according to ESMA published data, ESP CNMV decided to suspend, from 13 May 2020 until 12 November 2020, both dates inclusive.
  • The use of exemptions to transparency obligations of trading orders at referenced prices to another market, regulated under art 4.1a) MiFIR, in stock exchanges, for having exceeded 8% threshold referred to in art 5.1 b) MiFIR.
  • Regarding negotiation of specific (listed) financial instruments (in line with art 5.3).
  • MiFIR establishes certain transparency requirements prior to trading applicable to shares and other financial instruments, recognizing possibility that negotiation centers request to NCA the application of waivers.
  • Among exemptions granted are those relating to orders at referenced prices (price exemptions referenced) and those related to negotiated or pre-agreed operations (exemptions of negotiated operations).
  • In Spain, CNMV authorized as exemption the case of operations on shares or ETFs admitted to trading on Spanish stock exchanges and MAB/LATIBEX at average price of best purchase, sale position in force in reference market (operations at fork midpoint).
  • This exemption is included within category of exemptions of referenced prices, so it is subject to the volume limitation mechanism described in the press release.


  • Suspension takes effect on 13 May 2020 and will last until 12 November 2020 inclusive.