Transparency

Regulatory Obligation

Trading Venues have pre-trade and post-trade transparency publication obligations. Where an order or trade is not subject to a relevant waiver, this information will be published by the Dowgate MTF on our transparency microsite: https://transparency.dowgate.com/pretrade.aspx and https://transparency.dowgate.com/posttrade.aspx

Publishing 'Close to the Price' Prices

In accordance with Article 5(3) of RTS 2, trading venues operating the 'Size Specific to the financial instrument, waiver, with respect to pre-trade transparency, are required to provide 'Close to the Price' prices. This requirement may be fulfilled by the venue making public any of the following:
a) The best available price
b) A simple average of prices
c) An average price weighted on the basis of volume, price, time or the number of actionable indications of interest received.

For actionable indications of interest, for non-equity instruments, submitted under the Dowgate MTF rules and carried out under the SSTI waiver, which are above the size specific to the financial instrument and smaller than the large in scale size (as determined by the relevant ESMA calculations), Dowgate shall publish the best available price within this range. This will be made public and be updated as soon as is technologically possible.

Charging for Market Data

All trading venues are required to make market data available to the public on a reasonable commercial basis and ensure non-discriminatory access to said data. The charges for market data may vary by customer type. Where they do, venues are required to make public the objective criteria for differentiating between the different classes of customer. In order to comply with the disclosure requirements, Dowgate MTF have published their non-discriminatory customer categories, as well as its market data charges, in its MTF Data Charges Policy.

Accessing delayed transparency data

All trading venues are required to make data, where not subject to a waiver or deferral, free to the public no later than 15 minutes after the relevant order or trade. To comply with this requirement and in order to ensure that data isn’t stale, the Dowgate MTF will flash the relevant information on the public site. Once published, after a period of time, this information will be archived. The transparency archive is freely available to the public.

Accessing live transparency data

As well as making delayed transparency data freely available, trading venues are required to make their live data available to the public on a chargeable basis. This information is licenced information and will be made available under the terms of the licence agreement in accordance with the pricing schedule. If you are interested in accessing the live data feed, please complete the registration form and we will contact you to put the appropriate arrangements in place.