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28-12-2017 - Information by BSE-Sofia (Information by BSE-Sofia)

Notification with regards to "iceberg" orders in Xetra

With reference to the provisions of MiFID II, MiFIR, Delegated Regulation (EU) 2017/583 of the Commission dated 14 July 2016 and Delegated Regulation (EU) 2017/587 of the Commission dated 14 July 2016, BSE-Sofia would like to inform all market participants of the following:

1. The requirements to the "iceberg" orders in Xetra shall be altered as from 03 January 2018. Upon the entry of an "iceberg" order as from the above-mentioned date or upon subsequent modification thereof, the total amount of the "iceberg" order should have minimum value (quantity * limit price) not less than or equal to the BGN equivalent value of 10,000 (ten thousand) euro. The requirement for a peak size of minimum 5 (five) per cent of the total amount of the "iceberg" order shall remain unchanged. An "iceberg" order which is not compliant with the requirement for a minimum amount shall be rejected by the System.

2. As from 03 January 2018 "iceberg" orders shall not be available as a type of orders in respect to municipal and corporate bonds nor to Government Securities until the Financial Supervision Commission waives the obligation for BSE-Sofia to make public the information referred to in Art. 8 (1) of Regulation (EU) 600/2014. BSE-Sofia has provided for these orders in the amendments to the BSE Rules and Regulations, on the base of which the FSC is to allow the waiver.
BSE-Sofia shall timely announce the resume of the "iceberg" orders in respect to the mentioned instruments.