Since its birth, the market model of EuroTLX was developed considering the following principles introduced by MiFID in 2007 and now with the new incoming MiFID 2: Transparency, Liquidity, Information.
On www.eurotlx.com pre and post trade information is available for free, with data delayed by at least 15'. For every financial instrument you can download the 5-level book and in the pop-up, in the instruments area and in the statistics section it is available an updated high quality set of information about the traded instruments.
In the "News" section, you can see all the EuroTLX Market Communications divided into Notices, Issuers Information, Exemptions and Technical Communication. The official communications dating before 2010 and related to the regulated market TLX can be found in the Documents section "Official communications ex-TLX".
The mixed microstructure resulting from the order-driven model with the additional presence of at least one liquidity provider on each financial instrument guarantees sufficient liquidity even in critical market moments.
On EuroTLX there are two types of liquidity providers:
- The Market Maker, which supports the liquidity of instruments other than banking bonds non Eurobonds and certificates;
- The Specialist, who guarantees liquidity on bonds and certificates issued by it or placed, or for which have made commitments to the issuer to support the liquidity of the financial instrument.
On www.eurotlx.com we publish for each financial instrument, other than equities, a document entitled “Product File”, which contains the most important information relating to each instrument, including a proper and comprehensive representation of any relevant conflicts of interest.
The suitability of this description, along with the rest of the Product File, is subject to careful scrutiny by the Market Supervision Unit as regards its suitability during the phase of admission to the market of financial instruments.
The ability to consult the Product File through the website, as well as the Product File's compliance with standards of clarity and presentation of essential information, ensures that disclosures regarding conflicts of interest are disseminated and made available to investors.