Trading Options

Market Trades

This trading option is covered by Article 9 of the MEFF Regulations and developed in the circulars:

• Trading Hours and Phases
• Types of Orders
• Order Execution Algorithm
• Rules for Time Spread Trading
• Member Filters of the Price and Volume Filters Trading Instruction
• Auction Periods and Volatility Auctions

Agreed Trades

This Trading Option is covered by Article 7.5 of the MEFF Regulations. Trades that are agreed directly between Members, or between the Member and their Clients, or between certain Clients of a Member.

These trades must meet certain price and volume conditions to be accepted by MEFF. These conditions are regulated by the Agreed Trades Circular and will be supervised by MEFF.

From 3 January 2018, when MiFID II comes into force, MEFF will only accept as Agreed Trades, those transactions with an average nominal volume above the LIS (Large in Scale) threshold published by ESMA, for pre-trade transparency purposes.