Reporting Requirement

For transactions that are executed via the SWX Europe System, the relevant report is generated automatically.

During market hours off order book trades must be reported to SWX Europe as close to real time as possible and in any case within three minutes of their execution, together with all the required details, unless deferred publication is applicable. Transactions are automatically disclosed to all members by means of the "Trade Ticker" or "Trade History" functional features.

Trades executed out of market hours must be reported to SWX Europe at latest 15 minutes prior to the following trading day's opening.

SWX Europe operates a deferred publication regime as permitted under MiFID for transactions above a specified minimum size in terms of ADT (average daily turnover). The thresholds are set out in Appendix 2 to Section 3 of the SWX Europe Rules in the following table showing the minimum sizes of transactions qualifying for deferred publication and the permitted publication in terms of ADT of the security:

SWX Europe automatically applies the permitted publication delay unless the deferred publication override has been flagged by the member making the trade report.

Where the members which are party to a trade confirmation do not wish to have a permitted publication delay, this must be agreed between the members in advance of the trade report to SWX Europe and the input to SWX Europe must include the deferred publication override flag.