Price conditions in effect at the time of the trade. Multiple price conditions can be in effect at the same time. Price conditions are usually required to be reported in markets that have regulations on price execution at a market or national best bid or offer, and the trade price differs from the best bid or offer.
Special cum dividend (CD)
Special cum rights (CR)
Special ex dividend (XD)
Special ex rights (XR)
Special cum coupon (CC)
Special cum capital repayments (CP)
Special ex coupon (XC)
Special ex capital repayments (XP)
Cash settlement (CS)
Special cum bonus (CB)
Special price (SP)
Usually net or all-in price.
Special ex bonus (XB)
Guaranteed delivery (GD)
Deviation from regular ex/cum treatment (without further specification) leading to price modification. To be used only if it is not clear whether it is a special cum or special ex dividend. For ESMA RTS 1, this is the
The price is better than a reference price. For example, this may be due to an offer by a systematic internaliser to always quote better prices than a public reference price. For ESMA RTS 1, this is the
Non-price forming trade
In the context of MiFID II, these are transactions which are exempted from the trading obligation (i.e. permitted to be transacted as an OTC transaction) and are deemed not to be contributing to the price discovery process. However, these transactions are not exempted from post trade transparency reporting and are required to be published by MiFID venues and
approved publication arrangement (APAs) for market transparency purposes. The price from exempted transactions should be disregarded for the purposes of price discovery. For ESMA RTS 1 and RTS 2, this is the
Trade exempted from trading obligation
Per MiFIR Article 23, these types of trades are not exempted from post-trade transparency if reported to a trading venue under MiFID II and deemed
on exchange, however, they are ignored for price formation despite published by venue. For ESMA RTS 1, this is the
Price or strike price is pending
In the context of ESMA RTS 2, Annex II, Table 1
Price, and RTS 22 Table 2 fields 33
Price and 51
Strike price, this is ESMA's
PNDG value. Used to indicate the transaction is pending a price or strike price at the time it was reported.
Price is not applicable
In the context of ESMA RTS 2, Annex II, Table 1, Price and RTS 22, Annex I, Table 2, Field 33, this is to flag that the price is
not applicable for the transaction at the time it was reported. This is ESMA's
NOAP value in RTS 22.