Regulatory Market Notices

Legal and Regulatory Notice – 01/2024

Dear Participant,

Please be informed that the amendments the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes are related to the new listing of BTP Italia Bonds on MTS Cash and Repo.

The opportunity of adding some information on the existing maximum Repo duration has been also taken: no changes were introduced with respect to the Repo Duration currently available on the market, they were simply specified in the Regulatory Specifications.

The new text will come into force on 1 February 2024 and is available online at www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 31 January 2024.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact

mts.clientservices@euronext.com

Kind regards, 

MTS Client Services

EURONEXT GROUP

CARGO, 25 North Colonnade | London | E14 5HS | UK

Office: +44 20 7076 0000; +39 02 72426945

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

 Legal and Regulatory Notice – 09/2023 of November 29, 2023

Dear Participant,

Please be informed that, subject to the completion of the relevant regulatory and corporate process, MTS has decided to close the ‘MTS Wematch Interdealer Swaps EU MTF’ and the ‘MTS Wematch Interdealer Swaps UK MTF’ effective as of 31 December 2023. The last day of trading will be 22 December 2023.       

The Membership Documentation currently in place for these markets will terminate accordingly.

Kind regards, 

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 08/2023

Dear Participant,

Following Market Notice no. 06/2023, please be informed that some minor changes have been made to the MTS Cash Domestic Market Rules and Annex EU. The MTS Cash Domestic Market Rules has been amended to include MTS EU among the segment and reflect the fact that the issuer is the European Union acting through the European Commission.

The Annex EU had been modified to specify more clearly who are the Primary Dealers.

The updated textshave been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions. 

The new texts will come into force on 1^st November 2023 and is available online at www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 25 October 2023.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards, 

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 07/2023 of September 29, 2023

Dear Participant,

Please be informed that the MTS Domestic Cash Markets fee schedule has been updated to include MTS EU.  The fee schedule, effective 01 November 2023 is now available to view on our website.

Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 27 October 2023.

Please contact your Sales representative should you have any questions.

The Fee Schedules, together with the relevant General Terms and Conditions available at www.mtsmarkets.com/resources/membership-general-terms-and-conditions, and the relevant Market Rules available at www.mtsmarkets.com/resources/market-rules constitute part of your agreement with MTS.

Kind regards, 

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 06/2023

Dear Participant,

Please be informed that the MTS CASH DOMESTIC MTF MARKET Rules have been changed to add the new segment (MTS EU) and a new Annex (Annex EU).

The new Annex and the changes to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The initiative aims at facilitating liquidity provision in light of the recently introduced quoting arrangements of the EU Primary Dealer network.

As such, access to the new segment MTS EU will be restricted to members of the EU Primary Dealer network, who can apply either as Market Maker or as Liquidity Provider. There will be a quoting mechanism with criteria in terms of quantity, fixed bid-offer spreads and time which will be monitored by the management company as per the other segments of the MTS Cash Domestic MTF.

The new texts will come into force on 1st November 2023 and is available online at www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 2 October 2023.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,

Client Services

Tel: +44 20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 05/2023

Dear Participant,

Please be informed that the amendments to Regulation of the Regulated Wholesale Market (Cash and Repo) of Government Bonds and related Provisions have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes on Regulation of the Regulated Wholesale Market (Cash And Repo) of Government Bonds regard:

1. some fine tuning to the articles relating to admission and on-going obligations with particular reference to adherence to post trading systems, in order to simplify the structure of the Rules;

2. the suspension from trading, specifying among the grounds for suspension the case in which MTS receives a request for suspension from the Clearing Member that participate to the CCP on behalf of the trading member;

3. market making commitments: in particular, the criteria for the assignment of the financial instruments on which the Market Maker commitments insist are shifted from the Rules to the Instructions and it is specified that the same financial instrument cannot be assigned to the same Marker Maker for two consecutive months and that the financial instruments issued during the current month are assigned starting from the month following the issue, while for the current month they are monitored with the other unassigned financial instruments;

4. some changes to align the regulation to the current functioning of circuit breakers in the Cash Segment, with particular reference to static and dynamic controls; and

5. formal fine-tuning of the provisions relating to the conclusion and registration of contracts for the Repo Segment.

The new text will come into force on 26^th June 2023 and is available online at https://www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 23rd June 2023.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services 

EURONEXT GROUP 

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 04/2023

Dear Participant,

Please be informed that the amendments to Regulation of the Regulated Wholesale Market (Cash And Repo) of Government Bonds and related Provisions have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes on Regulation of the Regulated Wholesale Market (Cash And Repo) of Government Bonds regard:

1. some fine tuning to the articles relating to admission and on-going obligations with particular reference to adherence to post trading systems, in order to simplify the structure of the Rules;

2. the suspension from trading, specifying among the grounds for suspension the case in which MTS receives a request for suspension from the CCP and/or the Clearing Member that participate to the CCP on behalf of the trading member;

3. market making commitments: in particular, the criteria for the assignment of the financial instruments on which the Market Maker commitments insist are shifted from the Rules to the Instructions and it is specified that the same financial instrument cannot be assigned to the same Marker Maker for two consecutive months and that the financial instruments issued during the current month are assigned starting from the month following the issue, while for the current month they are monitored with the other unassigned financial instruments;

4. some changes to align the regulation to the discipline of circuit breakers in the Cash Segment, with particular reference to static and dynamic controls; and

5. formal fine-tuning of the provisions relating to the conclusion and registration of contracts for the Repo Segment.

The new text will come into force on 19^th June 2023 and is available online at https://www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 15 June 2023.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services 

EURONEXT GROUP 

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 03/2023 of May 30, 2023

Dear Participant,

Please be informed that the amendments to MTS WEMATCH INTERDEALER SWAPS EU MTF, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes are summarised as follows:

1) MTS will introduce a new periodic auction trading functionality, called the “Risk Netting Service” / “RNS”. The RNS will allow Market Participants to submit RNS orders to reduce their long or short risk exposures on various tenors. Once Market Participants have submitted their orders to the RNS session, MTS will calculate the auction price and generate trades for each tenor according to the auction price and any constraints submitted by the Market Participants. For clarity, the RNS functionality is an additional and separate functionality to the existing Order Book.

2) Accordingly, the rule book definitions have been updated to reflect the addition of the RNS functionality.

3) Article 10.2 has been updated to explain that MTS can decide the duration and the scheduling of RNS sessions, with Market Participants notified in advance of any RNS session.

4) Article 12.3 has been amended to clarify the matching process in the Order Book, Article 12.4 has been added to outline the matching process for RNS, and Article 12.5 has been amended to move the indication about whether post-trade name give-up or anonymity is in effect to the Regulatory Specifications, in line with the other MTS Markets.

5) Article 16.1 has been updated to outline the MiFIR transparency requirements that will apply to the RNS functionality and to clarify the MiFIR delayed pre-trade transparency arrangements for the Order Book functionality.

The new text will come into force on 14 June 2023 and is available online at www.mtsmarkets.com/resources/market-rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 12 June 2023 within 1.00 p.m.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 02/2023 of May 30, 2023

Dear MTS Wematch Interdealer Swaps UK MTF Participant,

Please be informed that the Market Rules of MTS Wematch Interdealer Swaps UK MTF have been amended to introduce a new periodic auction trading functionality, called the “Risk Netting Service” / “RNS”.

The changes are summarised as follows:

1) MTS will introduce a new periodic auction trading functionality, called the “Risk Netting Service” / “RNS”. The RNS will allow Market Participants to submit RNS orders to reduce their long or short risk exposures on various tenors. Once Market Participants have submitted their orders to the RNS session, MTS will calculate the auction price and generate trades for each tenor according to the auction price and any constraints submitted by the Market Participants. For clarity, the RNS functionality is an additional and separate functionality to the existing Order Book.

2) Accordingly, the rule book definitions have been updated to reflect the addition of the RNS functionality.

3) Article 10.2 has been updated to explain that MTS can decide the duration and the scheduling of RNS sessions, with Market Participants notified in advance of any RNS session.

4) Article 12.3 has been amended to clarify the matching process in the Order Book, Article 12.4 has been added to outline the matching process for RNS, and Article 12.5 has been amended to move the indication about whether post-trade name give-up or anonymity is in effect to the Regulatory Specifications, in line with the other MTS Markets.

5) Article 16.1 has been updated to outline the MiFIR transparency requirements that will apply to the RNS functionality and to clarify the MiFIR delayed pre-trade transparency arrangements for the Order Book functionality.

The text of the MTS Wematch Interdealer Swaps UK MTF Market Rules is published on our website at this link in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions. The Rules will come into effect as of 14 June 2023. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 12 June 2023 within 1.00 p.m.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 01/2023 of March 13, 2023 

Dear Participant,

Pursuant to paragraph 9.1 of The EuroMTS Markets Terms and Conditions (Effective as of April 1st 2021) (“Terms and Conditions”) MTS is amending the Terms and Conditions with effect from Tuesday, 28 March 2023 by incorporating into the Terms and Conditions the following Amendments.

Amendments:

1. A new paragraph e) of Article 20.2 has been introduced replacing the existing paragraph e) regulating the provision of instructions by Participant to MTS via email for the purpose of entering information on the Membership Portal. A redline version of the Terms and Conditions showing the Amendments can be found on the MTS website at https://www.mtsmarkets.com/resources/membership-general-terms-and-conditions under EuroMTS Terms and Conditions. Please note that should you disagree with the Amendment above, you may exercise your right in paragraph 13.3 of the Terms and Conditions to terminate the Membership Documentation until 5pm (UK time) on March 27^th 2023. If you should choose to exercise this right, the Membership Document will be terminated as of March 27^th, 2023. Under these circumstances please be reassured that there is no need to provide 90 days notice in order to terminate the Membership agreement. The Privacy Policy has also been amended and you can find the new version showing the amendments at https://www.mtsmarkets.com/mts-home/privacy-and-cookies-policy.

For any further clarification, contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services

Euronext Group 

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 10/2022 of October 19, 2022 

Dear Participant,

Please be informed that the amendments to BondVision Europe Rules, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes on BondVision Europe Rules regard:

1. the alignment the provision related to unilateral cancellation to the one in place on MTS Cash Italy. The chance is also taken to specify the handling of cancellation request received after the trade date. Finally, the provisions for trade amendments are also introduced;

2. the pre-transparency regime to reflect the functionalities already existing on the market;

3. the current naming of the GCM segment is replaced by the naming repo Segment; and

4. elimination of the provision regarding the obligation to publish a quarterly report containing the data relating to the quality of the execution of transactions.

The new text will come into force on 1 November 2022 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 28 October 2022.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services

EURONEXT GROUP

110 Cannon street | London | EC4N 6EU | UK

Office: +44 20 7076 0000 

Email: mts.clientservices@euronext.com

www.mtsmarkets.com 

Legal and Regulatory Notice – 09/2022 of October 19, 2022 

Dear Participant,

Please be informed that the amendments to BondVision UK MTF Rules, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current EuroMTS Markets Terms and Conditions.

The changes on BondVision Europe Rules regard:

1. the alignment of the provision related to unilateral cancellation to the one in place on other MTS group markets such as MTS Cash Italy. The chance is also taken to specify the handling of cancellation request received after the trade date. Finally, the provision for trade amendments are also introduced; 

2. the pre-transparency regime to reflect the functionalities already existing on the market; 

3. the current naming of the GCM segment is replaced by the naming Repo Segment; and 

4. elimination of the provision regarding the obligation to publish a quarterly report containing the data relating to the quality of the execution of transactions.

The new text will come into force on 1 November 2022 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current Terms & Conditions up until 28 October 2022.

Please note that the amendments referred to above and the EuroMTS Markets Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with EuroMTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Kind regards,

MTS Client Services

EURONEXT GROUP

110 Cannon street | London | EC4N 6EU | UK

Office: +44 20 7076 0000 

Email: mts.clientservices@euronext.com

www.mtsmarkets.com 

Legal and Regulatory Notice – 08/2022 of October 19, 2022 

Dear Participant,

On 14 July 2022 we sent the Legal and Regulatory Notice – 04/2022 inviting all Participants to make any and every effort to make sure that their internal procedure and systems are adequate to guarantee efficient settlement for trades executed on MTS Slovakia, due to the high ratio of settlement fails. Unfortunately the situation has not improved in the recent months.

We would like to remind participants about the post trade flow for MTS Slovakia:

• Settlement instructions are sent upon trade execution by MTS Slovakia to CDCP Bratislava, which is the relevant place of settlement as indicated at Article 5.1 Clearing and Settlement of Trades, clause 1 of the above-mentioned Rules, at Article 3, clause 3.1.2 of the Annex Slovakia 10 Annex Slovakia clean 01032019_1.pdf (mtsmarkets.com) and reported on the Clearing and Settlement tab of the Regulatory Specifications Market Rules | MTS Markets 

• Participants are therefore reminded not to instruct the ICSDs instead (Euroclear Bank and Cleastream Banking Lux) and to execute the settlement instructions sent by MTS to the local CSD

• The settlement instructions (Swift MT541-MT543 messages) sent by MTS Slovakia to CDCP Bratislava are identified by the following references: 

• TAG 20 SEME: CCCCCCXXXNNYYJJJ

- Where:
- CCCCCC: Trade Number
- XXX: Market Code  “SLK”
- NN:
- ’01’ in MT541 Buyer
- ’03’ in MT543 Seller
- YY: Trading Date (Year)
- JJJ: Trading Date (Julian day or Julian day +500 for cancellations) 

 • TAG 20 COMM: CCCCCCXXXNNYYJJJ

- Where:
- CCCCCC: Trade Number
- XXX: Market Code “SLK”
- NN:00
- YY: Trading Date (Year)
- JJJ: Trading Date (Julian day or Julian day +500 for cancellation) 

Correct and timely settlement is one of the central features of a properly functioning secondary market and is also one of the undertakings of the Participants as per Article 3.3 Participants’ on-going undertakings clause, clause 1.k of the MTS Cash Domestic Market Rules Feb22 00 MTS Cash Domestic Market Rules_16.03.2020_clean.pdf (mtsmarkets.com)

Should you need any further clarification, please contact mts.PostTrading@euronext.com

Kind Regards

MTS Client Services

EURONEXT GROUP

110 Cannon street | London | EC4N 6EU | UK

Office: +44 20 7076 0000 

Email: mts.clientservices@euronext.com

www.mtsmarkets.com 

Legal and Regulatory Notice – 07/2022 of October 13, 2022 

Dear MTS UK Participant,

Please be informed that the Market Rules of MTS UK have been amended to remove the requirement to be a GEMM as well as to reduce the minimum capital required for participation: from GBP 30 million to GBP 10 million.

Other changes were introduced to align this market to others managed by MTS.

The full list of changes includes:

• Article 2.2: the provisions about Minimum Increment Size from the Market Rules are removed and will be included in the Regulatory Specifications
• Article 3.1.1(a): the Participant Admission Criteria were extended to explicitly allow investment firms, not only GEMMs
• Article 3.1.1(b): the Participant Admission Criteria were extended to explicitly allow investment firms authorised outside the UK
• Article 3.1.2(d): the Capital required to participate in the Market was reduced to 10 million Pounds Sterling
• Article 3.1.3: deleted the requirement for Market Makers, Liquidity Providers and Price Takers to be a GEMM

The text of the MTS UK Market Rules is published on our website at this link. The Rules will come into effect as of Monday 31^st October 2022.

Kind Regards

MTS Client Services

EURONEXT GROUP

110 Cannon street | London | EC4N 6EU | UK

Office: +44 20 7076 0000 (London), +39 02 7242 6945 (Milan)

Email: mts.clientservices@euronext.com

www.mtsmarkets.com 

Legal and Regulatory Notice – 05/2022 

Dear Participant,

As you may be aware, after the latest ECB rate hike, we are experiencing an increase in cancellation requests during the early stages of the trading session. The main reason for these cancellation requests is off-market rates.

We would therefore kindly ask participants to be more vigilant about both the calibration and the accuracy of reference rates feeding their quote engines in the interest of minimising off-market trades.

MTS is always available to assist participants with any request for cancellation, either unilateral – when applicable – or bilateral, but we would remind all members that under the MTS cancellation rules, a request for unilateral cancellation may not produce the desired result and a bilateral cancellation can only be performed with the agreement of the counterparty. A cancellation request is therefore never guaranteed.

We would also take the opportunity of reminding the participants about the rules for cancellation which are defined at Art. 17 of MTS Italy- Provisions (document available either upon request, or here: Market Rules | MTS Markets):

• the only official address to be used for cancellation requests is mts.repocancellations@euronext.com

• a unilateral cancellation procedure can only be started if the relevant cancellation request is received by MTS within 30 minutes of the trade being executed

• to qualify for unilateral cancellation a trade must deviate considerably from the Fair Market Value of the security in question at the time of execution, as calculated according to the formula published in the above-mentioned articles

Please do not hesitate to contact us should you need further information.

Kind regards,

MTS Client Services

EURONEXT GROUP

110 Cannon Street | London | EC4N 6EU | UK

Office: +44 20 7076 0000 (London), +39 02 7242 6945 (Milan)

Email: mts.clientservices@euronext.com

www.mtsmarkets.com

Legal and Regulatory Notice – 04/2022 

Dear Participant,

In recent months we have observed a high ratio of settlement fails for trades executed on MTS Slovakia. 

Indeed, only a limited percentage of the settlement instructions sent upon trade execution by MTS Slovakia to CDCP Bratislava settle on the Intended Settlement Date (ISD). Many instructions remain unsettled and automatically cancelled after 60 business days of recycling in the CSD. Other instructions are proactively cancelled by the Participants before the expiration of the recycle period.

Correct and timely settlement is one of the central features of a properly functioning secondary market and is also one of the undertakings of the Participants as per Article 3.3 Participants’ on-going undertakings clause, clause 1.k of the MTS Cash Domestic Market Rules. 

Therefore, we invite all Participants to make any and every effort to make sure that their internal procedures and systems are adequate to guarantee efficient settlement.

We also remind Participants that, as indicated at Article 5.1 Clearing and Settlement of Trades, clause 1 of the above-mentioned Rules, at Article 3, clause 3.1.2 of the Annex Slovakia and reported on the Clearing and Settlement tab of the Regulatory Specifications, settlement of MTS Slovakia trades must take place via CDCP Bratislava. Participants are therefore reminded not to instruct the ICSDs instead (Euroclear Bank and Cleastream Banking Lux) and to execute the settlement instructions sent by MTS to the local CSD.

Should you need any further clarification, please contact mts.PostTrading@euronext.com

Regards, 

MTS Client Services, Euronext Group


Client Services
Office:    +44 20 7076 0000               
Email:    mts.clientservices@euronext.com         www.mtsmarkets.com
110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 03/2022

Dear Participant,
 

As you may be aware, in the current volatile market conditions, we are experiencing an increase in cancellation requests during the early stages of the trading session. The main reason for these cancellation requests is off-market prices.

We would therefore kindly ask participants to be more vigilant about both the calibration and the accuracy of reference prices feeding their quote engines in the interest of minimising off-market trades.

MTS is always available to assist participants with any request for cancellation, either unilateral – when applicable – or bilateral, but we would remind all members that under the MTS cancellation rules, a request for unilateral cancellation may not produce the desired result, particularly when volatility is high, and a bilateral cancellation can only be performed with the agreement of the counterparty. A cancellation request is therefore never guaranteed.

We would also take the opportunity of reminding the participants about the rules for cancellation which are defined at Art. 8 of MTS Italy- Provisions, Art. 4.10 of MTS Cash Domestic Market Rules and Art 4.10 of EBM MTF market Rules (documents available either upon request, or here: Market Rules | MTS Markets):

• the only official address to be used for cancellation requests is mts.cancellations@euronext.com

• a unilateral cancellation procedure can only be started if the relevant cancellation request is received by MTS within 5 minutes of the trade being executed

• to qualify for unilateral cancellation a trade must deviate considerably from the Fair Market Value of the security in question at the time of execution, as calculated according to the formula published in the above-mentioned articles

We would also remind those Participants, who have not already done so, that the creation of a group email address (email distribution list) for their trading desk can facilitate the exchange of emails for cancellation requests. 


Please do not hesitate to contact us should you need further information
 

Regards, 

MTS Client Services, Euronext Group


Client Services
Office:    +44 20 7076 0000               
Email:    mts.clientservices@euronext.com         www.mtsmarkets.com
110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 02/2022

Dear Participant,

Please be informed that the amendments to MTS Cash Domestic Market Rules – Annex Hungary and the relating Regulatory Specifications, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The changes are summarised as follows:

Annex Hungary: Introduction of a new category of non-Primary Dealers, Market Makers (official Market Makers as recognised by the Hungarian Agency for the public debt management - AKK).

Regulatory Specifications: changes are related to the number of securities allocated to each Market Makers and to the bid-offer spread and size obligation on certain securities on MTS Hungary.

The amended Regulatory Specifications also contain a change in the Minimum Quote and Order sizes for Belgium, Denmark and Finland. 

The new text will come into force on 1 July 2022 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 30 June 2022 within 1.00 p.m.


Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards, 

MTS Client Services, Euronext Group


Client Services
Office:    +44 20 7076 0000               
Email:    mts.clientservices@euronext.com         www.mtsmarkets.com
110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 01/2022

Dear Participants,

Please be informed that the MTS Domestic Cash Markets trading fee schedule effective 01 February 2022 is now available to view on our website.

The only change versus the previous version is to further reward liquidity provision by making the Global Discount (Level 2) easier to achieve.

Please contact your Sales representative should you have any questions.

The Fee Schedules, together with the relevant General Terms and Conditions available at www.mtsmarkets.com/Documents/Membership-General-Terms-and-Conditions, and the relevant Market Rules available at www.mtsmarkets.com/Documents/Market-Rules constitute part of your agreement with MTS.

Kind regards, 

MTS Client Services, Euronext Group


Client Services
Office:    +44 20 7076 0000               
Email:    mts.clientservices@euronext.com         www.mtsmarkets.com
110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 09/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions. 

The Regulatory Specifications have been updated to introduce a new SUR Instrument Class on the EBM MTF.

The new text will come into force on 25 October 2021 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 22 October 2021.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,


Client Services
Tel:    +44 20 7076 0000    Fax:    + 44 (0)20 7797 4511            
Email:    mts.clientservices@euronext.com         www.mtsmarkets.com
110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 08/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been updated to introduce a new Instrument Class on EBM and BondVision Markets in order to list the T-Bills that the European Commission will issue as part of the Next Generation EU programme.

The new text will come into force on 21 September 2021 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 20 September 2021, within 1.00 p.m.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,

Client Services

Tel: +44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: mts.clientservices@euronext.com

110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 07/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been updated to introduce a new Instrument Class: ATB – Republic of Austria Treasury Bill. The Austrian T-bills will be made available under the new ATB Instrument Class across the following MTS trading platforms: BondVision (BV), and the Austrian section of MTS Cash (CMF).

The new text will come into force on 6 September 2021 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 3 September 2021, within 1.00 p.m.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,

Client Services

Tel: +44 (0)20 7076 0000 Fax: + 44 (0)20 7797 4511

Email: mts.clientservices@euronext.com

110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice – 06/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been updated to reflect the amendments to Minimum Quote and Order sizes, Market Making EBM, Clearing and Settlement, Repo Contracts and Repo CUT-OFF tabs for EU bonds.

The new texts will come into force on 6 September 2021 and are available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 16 August 2021.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,

Client Services Tel: +44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: mts.clientservices@euronext.com

110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice - 05/2021

Dear Participant,

Please be informed that the amendments to MTS Cash Domestic Market Rules – Annex Israel, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

MTS Cash Domestic Market Rules – Annex Israel have been updated in order to remove the provisions related to the repo segment.

The new text will come into force on 23 August 2021 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 16 August 2021.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact mts.clientservices@euronext.com

Regards,

Client Services

Tel: + 44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: mts.clientservices@euronext.com

110 Cannon Street, London, EC4N 6EU, UK

Legal and Regulatory Notice - 04/2021
 

Legal and Regulatory Notice - 03/2021
 

Legal and Regulatory Notice - 02/2021
 

Legal and Regulatory Notice – 01/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been amended to reflect the new CROSS-CSD settlement function. MTS Participants can now settle directly in Euroclear France bilateral trades executed on the following MTS Cash Markets:

• EBM Belgian Bonds

• EBM Spanish Bonds

• MTS Germany

• MTS Spain

The new texts will come into force on March 22nd, 2021 and are available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until March 19th, 2021.

Please note that the amendment referred to above and the MTS S.p.A. Markets Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact

ClientServices@mtsmarkets.com

Regards, 

Client Services 

Tel: +44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

10 Paternoster Square, London EC4M 7LS 

Legal and Regulatory Notice – 08/2020

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications for EBM Market, have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been updated in order to modify the quoting obligations for market makers of EBM Market.

The new texts will come into force on December 3 rd, 2020 and are available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until December 2 nd, 2020 within 13 hours pm.

Please note that the amendment referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact

ClientServices@mtsmarkets.com

Regards, 

Client Services 

Tel: +44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

10 Paternoster Square, London EC4M 7LS 

MTS Business Continuity 2020

Dear Participant,
 

Legal and Regulatory Notice 01/2020

Legal and Regulatory Notice 20/2019
 

Legal and Regulatory Notice – 19/2019

Dear Participant,

Please find here a list of frequent questions and related answers on how the participation to the MTS Markets managed by MTS SpA and EuroMTS Limited may be affected in the event of the United Kingdom leaving the European Union on the 31st October without a Withdrawal Agreement.

Should you require more information please contact MTS Client Services. 

Regards,

Client Services

Tel: +44 (0)20 7076 0000

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

10 Paternoster Square, London EC4M 7LS 

Legal and Regulatory Notice – 17/2019

Dear Participant,
 

Please be informed that the amendment to the Provisions of MTS Italy Market Rules and to the Regulatory Specifications has been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions. 

The new Provisions to MTS Italy Market Rules and the new Regulatory Specifications will come into force on July 30^th,  2019 and will be available online on the entry into force at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 26^th July, 2019. 

Provisions to the MTS Italy Rules and the Regulatory Specifications have been updated in order to envisage the possibility of concluding trades through the RFQ functionality, exclusively with respect to the Repo Segment of the MTS Market.

Please note that the amendment referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel: + 44 (0)20 7797 4090

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

www.mtsmarkets.com

10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 16/2019

Dear Participant,

Please be informed that the amendment to the Rules of MTS Cash Domestic Market MTF has been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The new Rules will come into force on June 5th, 2019 and will be available online on the entry into force at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of 31st May, 2019.

The amendment is aimed at updating the Liquidity Provider definition to allow investment firms that have a Primary Dealer in their group to undertake this role.

Please note that the amendment referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel: + 44 (0)20 7797 4090

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

www.mtsmarkets.com

10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice – 15/2019

Dear Participant,

Please be informed that in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions the new version of the Rules of BondVision Europe MTF have been published on the MTS website. 

The new Rules, available online at www.mtsmarkets.com/Documents/Market-Rules will come into force on April 1^st,  2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 29^th2019.

In summary, the changes introduced are the following:

- Financial Instruments admission criteria are modified in order to make available for trading on BondVision Market  also financial instruments traded in the London Stock Exchange Market; (Art. 2.1)

- Participants admission criteria: the admission requirement to be qualified as Dealers are adapted in order to give continuity to the possibility for Gilt edged Market Makers to be qualified as Dealers, once UK were to exit the European Union. (Art. 3.1)

Please note that the rulebook referred to above and the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS.

Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel:+ 44 (0)20 7797 4511
Email:clientservices@mtsmarkets.com        www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice – 14/2019

Dear Participant,


Pursuant to the Law Decree on urgent measures to ensure financial, economic and investment stability approved on 20 March 2019 by the Council of Ministers, MTS, having filed a request with Consob pursuant to Article 70 of the TUF, can continue to allow existing participants incorporated in the United Kingdom access to its markets.

This is now guaranteed for a transitional period of 18 months starting from the date on which the United Kingdom leaves the European Union.

Nothing further is required of UK existing participants for their participation in the MTS S.p.A. trading venues.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com.

Regards,


Client Services
Tel: + 44 (0)20 7797 4090 Fax: + 44 (0)20 7797 4511
Email: clientservices@mtsmarkets.com    www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 13/2019

Dear Participant,

Please be informed that in accordance with article 9 of the current MTS France General Terms and Conditions the new version of the Rules of MTS France has been published on the MTS website.



Pending the approval from the French regulator on Tuesday 19th of March, the new Rules, available online at www.mtsmarkets.com/Documents/Market-Rules will come into force on Wednesday 20th of March 2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 19th 2019.



In summary, the changes introduced are:



MTS France Market Rules - Changes Made:

• In order to take into consideration that several entities are re-locating their activity in EU, the Select SVT Market Committee has amended the Participant admission criteria that eligible platforms are bound to comply.
• Article 3.1 “Participants admission criteria” of the MTS France Market Rules has been amended to reflect this decision.

Please note that the draft rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks.

These, together with the relevant Schedules constitute your agreement with MTS France.

Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.




For any further clarification please do not hesitate to contact mtsfrance@mtsmarkets.com.

Regards,

Client Services


Tel: + 44 (0)20 7797 4090

Fax: + 44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

www.mtsmarkets.com


10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 12/2019

Dear Participant,

Please be informed that BondVision UK Market Rules (“Market Rules”) have been published that will take effect if the United Kingdom (“UK”) leaves the European Union (“EU”) without a transition period in place.
 
The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.3 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”).
 
The introduction of the transition period is subject to the withdrawal agreement that is being negotiated between the EU and UK. In the event that the withdrawal agreement is not ratified, the amendments to the Market Rules will become effective from 01 April 2019. If the UK and the EU agree on the terms of the withdrawal agreement, and there is a transition period, the amendments proposed in this Notice will not come into effect on 01 April 2019.
 
In order to prepare for scenario where the UK leaves the EU on 29 March 2019 without a transition period we are proposing to make the necessary amendments to the Market Rules that would allow the EuroMTS to continue to operate its markets effectively and meet its regulatory obligations.
 
A track change version of the Market Rules will be available on the MTS Markets website at www.mtsmarkets.com/Documents/Market-Rules.
 
Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.
　
For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,
 

Client Services
Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511            
Email:    clientservices@mtsmarkets.com         www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 11/2019
 

Dear Participant,

Please be informed that the MTS UK Market Rules (“Market Rules”) have been published that will take effect if the United Kingdom (“UK”) leaves the European Union (“EU”) without a transition period in place.
 
The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.3 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”).
 
The introduction of the transition period is subject to the withdrawal agreement that is being negotiated between the EU and UK. In the event that the withdrawal agreement is not ratified, the amendments to the Market Rules will become effective from 01 April 2019. If the UK and the EU agree on the terms of the withdrawal agreement, and there is a transition period, the amendments proposed in this Notice will not come into effect on 01 April 2019.
 
In order to prepare for scenario where the UK leaves the EU on 29 March 2019 without a transition period we are proposing to make the necessary amendments to the Market Rules that would allow the EuroMTS to continue to operate its markets effectively and meet its regulatory obligations.
 
A track change version of the Market Rules will be available on the MTS Markets website at www.mtsmarkets.com/Documents/Market-Rules.
 
Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,
 

Client Services
Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511            
Email:    clientservices@mtsmarkets.com         www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 10/2019

Dear Participant,

Please be informed that in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions the new version of the Rules of  MTS Cash Domestic MTF have been published on the MTS website.

The new Rules, available online at www.mtsmarkets.com/Documents/Market-Rules will come into force on Friday 15^th of March 2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 14^th 2019. 

In summary the changes introduced are:
 
MTS Cash Domestic Rules  (article 3.1 lett.f)

• Changes Made – In order to take into consideration that several entities are re-locating their activity in EU, MTS Cash Domestic Rules have extended the criteria of the primary dealership to a Group level. In consistency with this extended criteria, amending article 3.1 lett. f)  specify that, in order to extend the criteria of primary dealership at Group level, MTS shall ascertain that the group company having the status of Primary Dealer has given its consent.

Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com  or MTSCompliance@mtsmarkets.com or MTSRegulations@mtsmarkets.com.
 

Regards,
 

Client Services
Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511            
Email:    clientservices@mtsmarkets.com         www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 09/2019
 

Dear MTS Israel Participant,

Following the communications sent on August 23rd 2018 and the novation letters sent on August 24th 2018 (“Novation Notices”), we are writing to inform you that we have now received confirmation that provision of the Services (as defined in the Novation Notices) by MTS S.p.A. to you and your receipt of the Services from MTS S.p.A will be permitted by CONSOB (the Italian financial services regulator) and ISA (Israel Security Authority), (the “Condition”).

We would therefore like to clarify that with effect from Friday 1^st March 2019, your contract for access to MTS Cash Domestic MTF – MTS Israel Segment (“Membership Documentation”) will be a contract between you and MTS S.p.A.

Today will therefore be the last day that MTS Israel is operated under EuroMTS Ltd. Consequently, the first day of operation of MTS Israel under MTS S.p.A. will be Monday 4th March 2019.
 

Please note that the Membership Documentation between you and MTS S.p.A. will consist of the terms and conditions found here www.mtsmarkets.com/resources/membership-general-terms-and-conditions and the market rules found here www.mtsmarkets.com/resources/market-rules.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com  or MTSCompliance@mtsmarkets.com or MTSRegulations@mtsmarkets.com.
 

Regards,
 

Client Services
Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511            
Email:    clientservices@mtsmarkets.com         www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 08/2019
 

Dear Participant,
 

Following the communications sent on 23 August 2018, the novation letters sent on 24 August 2018 (“Novation Notices”), the communications sent on 10 December, 2018 and of 16 January, 2019 we are writing to remind you that the EBM MTF, and all Segments of the Cash Domestic Market MTF (with the exception of MTS UK and MTS Israel* which will continue being operated by EuroMTS Limited), will be closing on 28 February 2019 and two new markets with the same names will open as MTFs operated by MTS SpA on 1 March 2019.

As explained in the Novation Notices, if you are currently a participant on any of the above trading venues then from 00.01 (UK time) on 01 March 2019 your contract to access such trading venues will no longer be a contract between you and EuroMTS Limited but will instead be a contract between you and MTS S.p.A. The relevant terms and conditions and Market Rules can be found here www.mtsmarkets.com/mtsresources.

Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with MTS S.p.A.. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

*MTS Israel participants will receive a separate communication in the coming days.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com or MTSRegulations@mtsmarkets.com.
 

Regards,
 

Client Services
Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511    
Email:    clientservices@mtsmarkets.com&; www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice – 07/2019

Dear Participant,

With reference to our notice of the 20^th  of February  2019 (notice number 01/2019) on the amendments to rule 3.1.4 a) of BondVision Europe MTF, please be informed that the new Rules will come into force on Friday 15 ^th  of March 2019  instead of the 6^th of March 2019.

Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 14^th  2019.

The new Rules are  available online at www.mtsmarkets.com/Documents/Market-Rules

Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel:    + 44 (0)20 7797 4090    Fax:    + 44 (0)20 7797 4511            
Email:    clientservices@mtsmarkets.com         www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS

Legal and Regulatory Notice 06/2019

Dear Participant,

Following the communications sent on 23 August 2018, the novation letters sent on 24 August 2018 (“Novation Notices”), and the recent communication found here http://www2.mtsmarkets.com/e/75932/ules-regulatory-market-notices/4kzqbz/706292597?h=-g-e0BZ6wFowh0Adr5z0Mw1F5whxlrgAxq0lHOU9xmU confirming approval of the new market rules for EBM MTF and the MTS Cash Domestic Market MTF (“Market Rules”) by CONSOB (the Italian Financial Services Regulator) sent on 10 December 2018 we are writing to remind you that on 01 March 2019 MTS S.p.A (the parent company of EuroMTS Limited, located in Italy and a subsidiary undertaking of the London Stock Exchange Group plc) will be launching the following new trading venues:

     a)    EBM MTF; and

     b)    MTS Cash Domestic MTF:

            •    MTS Austria segment;

            •    MTS Czech Republic segment;

            •    MTS Germany segment;

            •    MTS Greece segment;

            •    MTS Hungary segment;

            •    MTS Ireland segment;

            •    MTS Israel segment*;

            •    MTS Netherlands segment;

            •    MTS Portugal segment;

            •    MTS Slovakia segment;

            •    MTS Slovenia segment; and

            •    MTS Spain segment.

As explained in the Novation Notices, if you are currently a participant on any* of the above trading venues then from 00.01 (UK time) on 01 March 2019 your contract to access such trading venues will no longer be a contract between you and EuroMTS Limited but will instead be a contract between you and MTS S.p.A. The relevant terms and conditions can be found here http://www2.mtsmarkets.com/e/75932/reements-rules-mts-brexit-plan/4kzqc2/706292597?h=-g-e0BZ6wFowh0Adr5z0Mw1F5whxlrgAxq0lHOU9xmU and the Market Rules here http://www2.mtsmarkets.com/e/75932/resources-market-rules/4kzqc4/706292597?h=-g-e0BZ6wFowh0Adr5z0Mw1F5whxlrgAxq0lHOU9xmU. 

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,

Client Services

Tel : +44 (0)20 7797 4090

Email : clientservices@mtsmarkets.com 

Legal and Regulatory Notice 05/2019

Dear Participant,

Please be informed that in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions the new version of the MTS Rules for MTS Italy have been published on the MTS website. MTS Italy is the Government Bonds Electronic Wholesale Market which includes both the Cash and Repo segments.

The new Rules, available online at www.mtsmarkets.com/Documents/Market-Rules will come into force on Monday 13^th of February 2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of February 12^th 2019. 

In summary the main changes introduced are:

MTS Italy Market Rules

• Changes Made – In order to take into consideration that several entities are re-locating their activity in EU, through authorized investment firms, and that the current Rules of MTS Italy provides that, among others, are allowed to access the market investment firms which have the status of Primary Dealers in Italy  and investment firms which have the status of Primary Dealers  in at least three European countries different form Italy (Clause 5 lett. c) and d)) , it is proposed to amend these provisions, extending the criteria of the primary dealership to a Group level, establishing the relevance of this status also to investment firms that have within their Group an entity that is recognized as Primary Dealer.Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel : +44 (0)20 7797 4090

Email : clientservices@mtsmarkets.com  

Legal and Regulatory Notice 04/2019

Dear Participant,

Please be informed that the latest version of the BondVision UK Market Rules (“Market Rules”) have been published on the MTS website.

The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.3 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”). The amended Market Rules will come into force on Friday 1^st  March 2019, are available online at www.mtsmarkets.com/Documents/Market-Rules and the material changes are described below: 

• amending rule 3.1.4 to permit a participant to become a Dealer on BondVision UK where there is a Primary Dealer or Market Maker in their Group;
• amendment to the definition under rule 1.1.1 of ‘Domestic Markets’ to include all Dealer-to-Dealer markets operated by entities of the MTS Group 

Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,

Client Services

Tel : +44 (0)20 7797 4090

Email : clientservices@mtsmarkets.com 

Legal and Regulatory Notice 03/2019

Dear Participant,
 

Please be informed that all Segments of the Cash Domestic Market MTF operated by EuroMTS Limited, with the exception of MTS UK, will be closing on 28 February 2019 and re-opening as an MTF operated by MTS SpA on 1 March 2019. On 1 March 2019 MTS UK will become a standalone MTF operated by EuroMTS known as the MTS UK MTF. The MTS UK Market Rules (“Market Rules”) are based on the established Rules of the Cash Domestic Market MTF. This Notice informs Participants that the MTS UK Market Rules have been published on the MTS website.

The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.3 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”). The amended Market Rules will come into force on Friday 1 March 2019, are available online at www.mtsmarkets.com/Documents/Market-Rules.

The most significant change to these Market Rules is the removal of the references to Segments and Annexes of the Cash Domestic Market MTF that will be closed on 28 February. No material changes to the content of the Market Rules are proposed. *MTS Israel participants will receive a separate communication in the coming days.

Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com

Regards,

Client Services
Tel : +44 (0)20 7797 4090
Email : clientservices@mtsmarkets.com 

Legal and Regulatory Notice – 01/2019

Dear Participant,

Please be informed that in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions the new version of the MTS Provisions for MTS Italy have been published on the MTS website. MTS Italy is the Government Bonds Electronic Wholesale Market which includes both the Cash and Repo segments.

The new Provisions, available online at www.mtsmarkets.com/Documents/Market-Rules will come into force on Wednesday  6th of March 2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 5th 2019.

In summary the changes introduced are:

MTS Italy Provision  (article 4)
 

• a.    Changes Made – In order to take into consideration that several entities are re-locating their activity in  EU, MTS Italy Rules have extended the criteria of the primary dealership to a Group level. In consistency with MTS Rules, amending article 4 to specify that, in order to extend the criteria of primary dealership at Group level, MTS shall ascertain that the group company having the status of Primary Dealer has given its consent.

Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website. 

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com.

Regards,

Client Services

Tel: +44 20 7797 4090 Fax: +44 (0)20 7797 4511  

Email: clientservices@mtsmarkets.com

10 Paternoster Square, London, EC4M 7LS

Dear Participant,

Please be informed that the latest version of the United Kingdom segment of the MTS Cash Domestic Market Rules (“Market Rules”) have been published on the MTS website.

The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.2 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”). The amended Market Rules will come into force on Wednesday 9th January 2019, are available online at www.mtsmarkets.com/Documents/Market-Rules and the material changes are described below:

• amending rule 3.2 to permit two new categories of Participant: Reporting Brokers and Trade Registration Only Participants;
• amending rule 2.1 to permit other Financial Instruments available for trading by the Trade Registration Facility only; and
• addition of rule 3.3.2 which governs the activities of Reporting Brokers.

In addition, rule 3.1 has clarified the Participant admission criteria for Market Makers, Liquidity Providers and Price Takers.

Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,

Client Services

Tel: +44 (0)20 7797 4090

Email: clientservices@mtsmarkets.com
www.mtsmarkets.com

In accordance with articles 9.3 of the current EuroMTS General Terms and Conditions we would like to inform you that the Regulatory Specifications has been amended with respect to the following segments of the MTS Cash Domestic MTF and instruments parallel-listed on EBM MTF: MTS Netherlands, MTS Portugal and MTS Spain.

The new version, effective as of Janaury 15th, 2018, is available on the MTS website at http://www2.mtsmarkets.com/e/75932/resources-market-rules/3vbqvt/438649038.

The reasons for the changes are laid out in the Introduction tab of the Regulatory Specifications.

Participants can exercise the rights provided for in article 13.3 of the current General Terms & Conditions up until 1.00pm on the day before the coming into force of the new Regulatory Specifications.

For any further clarification please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com

Dear Participant,


Following the communication sent on August 23rd 2018 and the novation letters sent on August 24th 2018 (“Novation Notices”), MTS has filed with CONSOB the new draft Market Rules for EBM MTF and the MTS Cash Domestic Market MTF (“Market Rules”). These are the two new MTFs that MTS S.p.A. will launch on March 1st 2019 following the closure, on February 28th of the trading venues with the same names as those listed below currently operated by EuroMTS Limited.

We would like to inform you that CONSOB has now confirmed to MTS that the draft Market Rules proposed are in line with current laws and regulations by letter on November 29th 2018. Therefore, as stated in the Novation Notice we are hereby notifying pursuant to paragraph 15.2 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) that the Market Rules have undergone further changes.


For your convenience, we have published the updated text of the Market Rules on our website at www.mtsmarkets.com/agreements-rules/mts-brexit-plan. You will find in track change mode all the amendments compared with the Markets Rules currently in force for the two MTFs with the same name operated by EuroMTS Limited. At the following link you will also find the new Market Rules in clean format www.mtsmarkets.com/resources/market-rules.


As mentioned the following new trading venues will be launched on March 1st, 2019:

a) EBM MTF;
b) MTS Cash Domestic MTF:

• MTS Austria segment;
• MTS Czech Republic segment;
• MTS Germany segment;
• MTS Greece segment;
• MTS Hungary segment;
• MTS Ireland segment;
• MTS Israel segment *;
• MTS Netherlands segment;
• MTS Portugal segment;
• MTS Slovakia segment;
• MTS Slovenia segment; and
• MTS Spain segment.

* the launch of MTS Israel segment is subject to authorisation by the relevant competent Authorities.
 
For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com [or MTSRegulations@mtsmarkets.com].

Regards,


Client Services


Tel: +44 (0)20 7797 4090

Fax: +44 (0)20 7797 4511

Email: clientservices@mtsmarkets.com

Dear Participants,

In accordance with articles 9.3 of the current EuroMTS General Terms and Conditions we would like to inform you that the Market Making Obligations in the Regulatory Specifications have been amended with respect to the following segments of the MTS Cash Domestic MTF and instruments parallel-listed on EBM MTF: MTS Austria, MTS Greece, MTS Ireland, MTS Netherlands, MTS Portugal, MTS Spain and MTS UK.

The new version, effective as of 3rd December 2018, is available on the MTS website at: www.mtsmarkets.com/resources/market-rules

The reasons for the changes are laid out in the Introduction tab of the Regulatory Specifications.

Participants can exercise the rights provided for in article 13.3 of the current General Terms & Conditions up until 1.00pm on the day before the coming into force of the new Regulatory Specifications.

For any further clarification please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com

Regards,

Due to the on-going negotiations between the United Kingdom and the European Commission, you will appreciate that the position that will apply after 29 March 2019 remains uncertain.

The amendments below (“Amendments”) introduce flexibility in relation to these circumstances should your contract (“Membership Documentation”) be novated from EuroMTS to MTS SPA. This includes permitting such a novation to be dependent upon the eventual conditions; for example, should it become illegal for EuroMTS to provide its services to you and/or illegal for you to receive such services. The Amendments also make clear that any such conditions may be satisfied during the notice period for a novation. A clarification is also made with respect to the notice period required if you wish to terminate the Membership Documentation rather than accept a novation or any related amendments.

Whilst we have summarised the key changes in the paragraph above, you should review the Amendments below and not rely on this summary.

Pursuant to paragraph 9.1 of The EuroMTS Markets Terms and Conditions (Effective as of January 1st 2018) (version 14/12/2017) (“Terms and Conditions”) and in consideration of the mutual agreements and undertakings set out in the Amendments and the sum of £1 paid by MTS to you (the receipt and sufficiency of which is acknowledged by you), MTS is amending the Terms and Conditions with effect from Monday 27 August by incorporating into the Terms and Conditions the following Amendments.

Amendments:

1. The definition of, “Relevant Territory” in paragraph 1.1 shall be amended as follows:

“Relevant Territory”: shall mean the country in which that MTS is elects from time to time required to be authorised to provide in, for the provision of the Services to the Participant;

2. Paragraph 3.6.d. shall be amended to add, “in the Relevant Territory when providing the Service” to the end of it.

3. Paragraph 8.3 shall be amended to: (i) add the words, “or related amendment” between, “or other transfer” and “pursuant to paragraph 15.2 below”; and (ii) replace, “paragraph 15.3” with, “paragraph 15.4”.

4. Paragraphs 13.3.a. and 13.3.b. shall be amended as follows:
​​​​​​
“a. in case of amendments referred to in Clause paragraph 9 above and subject to paragraphs 13.3(b) and 15.2 below, the Participant may terminate the Membership Documentation in the manner specified in paragraph 13.2  8.3 above by giving MTS notice to terminate (with effect from the effective date of the relevant notice  amendments) within the time established by MTS in the communication containing the text of the amendments referred to in paragraph 9.2 above. In case of amendments made pursuant to paragraph 9.3 above, the advance notice of termination may be communicated up to 1.00 p.m. on the trading day for MTS preceding the effective date of the amendment; and/or
b. in the case of assignment, novation or other transfer and/or related amendment pursuant to paragraph 15.2 below, the Participate Participant may terminate the Membership Documentation with effect from the effective date of assignment, novation or other transfer in the manner specified in paragraph 13.2 8.3 above by giving MTS the relevant notice  notice to terminate (with effect from the effective date of such assignment, novation or other transfer) within the time established by MTS in the communication notifying the Participant of the relevant assignment, novation or other transfer and/or related amendment (as applicable) pursuant to paragraph 15.2 below.”
​​​​
5. Paragraph 13.7 shall be deleted in its entirety.

6. Paragraph 14.1.c. shall be amended as follows:

“c. the Services are substantially transformed, or the relevant MTS Market is closed, as a consequence of legislative or administrative measures adopted by the competent authorities or , or by a decision of MTS the performance of the Service ceases. In case of a decision of MTS, adequate notice shall be provided to the Participant, if feasible or becomes illegal. In the case of such a decision by MTS, MTS shall use reasonable endeavours to give the Participant at least 5 Working Days’ notice in advance of such termination;

7. Paragraph 15.2 shall be amended to: (i) delete, “, such period being not less than 4 weeks”; and (ii) replace, “Clause” with “paragraph”.

8. The following text shall be inserted as a new paragraph immediately after paragraph 15.2:

“15.3 MTS and the Participant acknowledge and agree that any notice of assignment, novation or other transfer, and/or related amendment, given pursuant to paragraph 15.2 above may provide for such assignment, novation or other transfer and/or related amendment to be dependent upon one or more conditions and that any requirement for a minimum period of notice for such assignment, novation, transfer and/or related amendment will be met if the notice of assignment, novation, transfer or related amendment (as appropriate) is received (or deemed to be received) as required by paragraph 15.2 above, even if one or more of those conditions is only satisfied in the course of the minimum notice period required for such notice pursuant to paragraph 15.2. MTS.”

9. Each of the current paragraphs 15.3, 15.4, 15.5 and 15.6 (and all references to them) shall have their decimal increased by 1.

10. In the current paragraph 15.5, “15.5” shall be replaced with, “15.7”.

A redline version of the Terms and Conditions showing the Amendments can be found on the MTS website at http://www2.mtsmarkets.com/e/75932/p-general-terms-and-conditions/48tkvx/586562655 under EuroMTS Terms and Conditions.

Please note that should you disagree with any of the Amendments, you may exercise your right in paragraph 13.3 of the Terms and Conditions to terminate the Membership Documentation until 5pm (UK time) on Friday 24 August 2018. If you should choose to exercise this right, the Membership Document will be terminated as of Monday 27 August 2018. Under these circumstances please be reassured that there is no need to provide 90 days notice in order to terminate the Membership agreement.

For any further clarification, contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com.

As a key financial markets infrastructure provider, MTS Group’s ("MTS") primary objective is the maintenance of orderly markets which contribute to the financial stability of the European economy. Our focus is to ensure continuity of service for our participants, relevant DMOs and other stakeholders, regardless of changes to the regulatory framework or operating model.

There is less than one year to the formal exit of the United Kingdom from the European Union ("Brexit") and uncertainty remains about the future relationship and the nature of any transitional agreements between the UK and EU. The Brexit implications for MTS and for certain MTS participants can be split into two main areas:

1. UK as a prospective third country

Who does this impact: UK based participants of markets operated by MTS SpA and MTS France SA

Regarding the provision of investment services and the participation in markets operated out of Italy and France, the United Kingdom (notwithstanding any transition agreements) will no longer be an EU member state and likely to be treated as a third country. Consequently, in the absence of recognition of EU markets in the UK, the capacity of UK banks and investment firms to participate in such markets will be limited.

To anticipate and overcome that limitation and in order to ensure full membership to its UK member firms, MTS SpA and MTS France intend to make a request to their competent authorities to extend the operation of their markets within the UK. Obtaining the clearance could require the finalisation of the agreement between the domestic Authority and the UK FCA, which could be affected by the ongoing Brexit negotiations.

MTS would also like to understand the alternative measures its UK participants are evaluating in order to ensure continued access to markets operated by MTS SpA and MTS France post Brexit.

2. Re-location of certain markets operated by EuroMTS Limited to MTS SpA

Who does this impact: All participants of any market operated by EuroMTS Limited

Following the UK’s decision to leave the European Union, and as part of our contingency planning under a hard Brexit scenario, it may be necessary to close certain markets operated in the UK by EuroMTS Limited and to open new markets in Italy within MTS SpA. This would maximise efficiencies and minimise operational disruption, due to the fact that MTS already has a significant presence in Italy. MTS is taking the relevant preparatory steps in order to ensure the continuity of the markets currently operated in the UK.

For those UK participants in markets operated by MTS SpA and MTS France SA and all participants of markets operated by EuroMTS Limited that have not yet discussed this matter with MTS, could we please ask that you get in contact with us no later than the end of September 2018 by emailing the following address: membership@mtsmarkets.com

MTS remains fully committed to providing a seamless service to our participants. We will continue to closely monitor the evolution of the political and regulatory landscape and keep you updated on our plans, as appropriate. We, of course, remain available to discuss any questions you may have.

Please be informed that the latest version of the Slovakian Annex of the MTS Cash Domestic Market Rules has been published on the MTS website. The updated Rules, available online at www.mtsmarkets.com/Documents/Market-Rules, will come into force on Monday 13th August 2018.

　
The change introduced is at Art. 4.10.2.a and has been amended as follows: "in relation at least 2 Financial Instruments per Maturity Bucket pursuant to these Rules and to do so in compliance with the following table (Quotation/Spread Obligations):"
　
Please note that the rulebooks referred to above together with the General Terms and Conditions and relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.
　
For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com.

Legal and Regulatory Notice – 02/2019

Dear Participant,

Please be informed that in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions the new version of the BondVision Europe MTF have been published on the MTS website.

The new Rules, available online www.mtsmarkets.com/Documents/Market-Rules will come into force on Wednesday 6th of March 2019. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until close of business of March 5th 2019.

In summary the changes introduced are:

BondVision Europe MTF

• amending rule 3.1.4 a)  to permit a participant to become a Dealer on BondVision Europe where there is a Primary Dealer or Market Maker in their Group.

Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks. These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services

Tel: +44 20 7797 4090

Email: clientservices@mtsmarkets.com

This notice is part of an ongoing dialogue with our participants on regulatory matters, with the ultimate aim of raising awareness on the evolution of the regulatory landscape and its impact on MTS markets. MTS will continue to issue similar regulatory updates from time to time, when appropriate.
　
Participant Obligations and Market Activity
　
MTS hereby reminds all participants of their ongoing obligations as members of markets operated by MTS. These undertakings are principally described within the rulebooks of the relevant market and include a number of new provisions introduced with MiFID II regarding the provision to the trading venue of accurate data in terms of both relevant trader personal information and algo IDs.
　
Data Confidentiality
　
Participants should treat all information supplied by and derived from MTS markets as confidential, which should not be disclosed to other parties, except as may be required to fulfil legal or regulatory obligations. Participants should also consider the ramifications of unlawful disclosure of inside information as laid out in Regulation (EU) No 596/2014 on market abuse ("MAR").　
　
Market Conduct

MTS reiterates its commitment to fair and orderly markets for all participants, as prescribed by the European Regulation in terms of market abuse (MAR) implemented in July 2016.

In addition, MTS reminds participants that certain trading conduct may contribute to false or misleading markets, and, as such, be potentially in breach of the relevant MTS market rules and/or applicable legislation.

In particular, trading behaviour broadly defined as bait and switch, layering and spoofing, and/or momentum ignition can have several variations but in the government bonds environment ultimately seeks to achieve the same purpose: sell bonds at higher prices or buy bonds at lower prices than would be achievable without employing such a strategy.

As a market operator, MTS undertakes surveillance of its markets and closely monitors the activity of all participants. Participants will be aware that where MTS identifies questionable behaviour, it will carry out an investigation that may involve requesting the relevant participant to provide an explanation. Where MTS continues to have concerns, it will report those concerns to the relevant NCA (i.e.: AMF, CONSOB, FCA), as required by applicable regulation to any market operator. MTS considers this to be in the interest of ensuring orderly and well-functioning markets as well as a level playing field among its participants.

Any comments or queries on this Market notice should be addressed to MTS Monitoring, Via Tomacelli 146, 00186 Rome - Italy.

Email: monitoring@mtsmarkets.com

In light of the coming into force of MiFID II on January 3rd, 2018, following previous communications on updated market rules and on the new structure of the markets managed by MTS S.p.A. (i.e. MTS Italy (Cash and Repo) and BondVision Europe MTF), we would like to inform you that:

1. The Market Rules of MTS Italy (Cash and Repo segments), effective as of January 3^rd, 2018, are now available in their final text approved by the Authorities on the MTS website at www.mtsmarkets.com/resources/market-rules.
2. Regarding BondVision Italia Regulated Market, as previously communicated, we confirm that the last day of trading will be January 2nd, 2018. From January 3rd onward all the instruments and functionalities currently available on those markets will be available on BondVision Europe MTF. All instruments on the EU Area Code associated with the "RegMk" Market Affiliation will instead be associated with the "MTF" Market Affiliation. All instruments available on the EU Area Code will, therefore, be available under a single MIC Code: "SSOB".

For any further clarification, or to receive the "redline" version of the rules with all changes tracked, please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com.

From 3rd January 2018, EEA trading venues such as BondVision Europe MTF and BondVision UK MTF will be subject to MiFIR's real time pre- and post-trade transparency ‎obligations in relation to bonds, subject to any available exemptions, waivers and deferrals.　

MTS has applied to the relevant National Competent Authorities (NCAs) for permission to waive the publication of eligible pre-trade information and to defer the publication of eligible trades‎, as laid out in the Regulatory Specifications.

Where a trade is eligible for deferred publication on either the BondVision Europe MTF or BondVision UK MTF, MTS shall apply the following supplementary deferrals:

• Sovereign bonds: Indefinite Aggregation (IDAF)
• All other bonds: Four Week Aggregation (FWAF)

Participants can view this information for each financial instrument using the BondVision Transparency Rules Engine prior to sending an RFQ. The same information is also available in the market reference data.

MTS will also support pre- and post-trade transparency exemptions in relation to Money Market Instruments, Central Banks performing eligible activities, and any temporary suspension of the transparency requirements provided for by the relevant NCAs.

Please refer to the MTS MiFID II User Guide or contact clientservices@mtsmarkets.com or MifidII@mtsmarkets.com for any additional information.

In light of the coming into force of MiFID II on January 3rd, 2018, following previous communications on updated market rules and on the new structure of the markets managed by MTS S.p.A. (i.e. MTS Italy (Cash and Repo) and BondVision Europe MTF), and in accordance with article 9.2 of the current MTS and BondVision General Terms and Conditions we would like to inform you that:

1. The Market Rules of BondVision Europe MTF, effective as of January 3rd, 2018, are available on MTS website (www.mtsmarkets.com/resources/market-rules). This market will comprise a Cash Segment and GCM segment for the trading via RFQ respectively of cash and repo contracts on government bonds and corporate bonds.
2. The Market Rules of MTS Italy (Cash and Repo segments), effective as of January 3rd, 2018, are also available on the MTS website at www.mtsmarkets.com/resources/market-rules. Pending regulatory approval.
3. The MTS S.p.A. Markets Terms and Conditions have also been amended and the new version, effective as of January 3rd, 2018, is available on the MTS website at http://www2.mtsmarkets.com/e/75932/p-general-terms-and-conditions/3v2zwr/427812344. Participants can exercise the rights provided for in article 13.3 of the current MTS and BondVision General Terms & Conditions within 10 days from today.
4. The last day of trading on the regulated markets known as BondVision Italia and MTS Corporate will be January 2nd, 2018. From January 3rd onward all the instruments and functionalities currently available on those markets will be available on BondVision Europe MTF.

For any further clarification, or to receive the "redline" version of the rules with all changes tracked, please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com

In light of the coming into force of MiFID II on January 3rd, 2018, following previous communications on updated market rules and on the new structure of the markets managed by EuroMTS Limited (i.e. EBM, MTS Cash Domestic and BondVision UK), and in accordance with articles 9.1 and 9.2 of the current EuroMTS General Terms and Conditions we would like to inform you that:

1. The Market Rules of BondVision UK MTF, effective as of January 3rd, 2018, are available in their final text on MTS website (www.mtsmarkets.com/resources/market-rules). This market will comprise a Cash Segment and GCM segment for the trading via RFQ respectively of cash and repo contracts on government bonds and corporate bonds.
2. The Market Rules of EBM MTF and of the MTS Cash Domestic MTF, effective as of January 3rd, 2018,  are also available on the MTS website at www.mtsmarkets.com/resources/market-rules. The MTS Cash Domestic MTF comprise the following segments MTS Austria, MTS Czech republic, MTS Germany, MTS Greece, MTS Hungary, MTS Ireland, MTS Israel, MTS Netherlands, MTS Portugal, MTS Slovenia, MTS Spain and MTS UK.   
3. The EuroMTS Terms and Conditions have also been amended and the new version, effective as of January 3rd, 2018, is available on the MTS website at http://www2.mtsmarkets.com/e/75932/p-general-terms-and-conditions/3v2zwr/427812344. Participants can exercise the rights provided for in article 13.3 of the current General Terms & Conditions up until close of business on 29th  December 2017.
4. The markets known as MTS Swaps and MTS Interdealer SWAPS will be closed starting from December 29th, 2017 close of business. 

For any further clarification, or to receive the "redline" version of the rules with all changes tracked, please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com



In light of the coming into force of MiFID II on January 3rd, 2018 and, in line with previous communications on updated market rules and on the new structure of the markets managed by EuroMTS Limited (i.e. EBM, MTS Cash Domestic and BondVision UK), MTS would like to inform you that:

1. The Market Rules of BondVision UK MTF, effective as of January 3^rd, 2018, are available on the MTS website (www.mtsmarkets.com/resources/market-rules). This market will comprise a Cash Segment for the trading via RFQ of government bonds and corporate bonds and a GCM segment for the trading of repo contracts via RFQ.
2. The Market Rules of EBM MTF and of the MTS Cash Domestic MTF are also available on the MTS website at www.mtsmarkets.com/resources/market-rules. The MTS Cash Domestic MTF comprise the following segments MTS Austria, MTS Czech republic, MTS Germany, MTS Greece, MTS Hungary, MTS Ireland, MTS Israel, MTS Netherlands, MTS Portugal, MTS Slovenia, MTS Spain and MTS UK.
3. The markets known as MTS Swaps and MTS Interdealer SWAPS will be closed starting from December 29th, 2017 close of business.

For any further clarification, or to receive the "redline" version of the rules with all changes tracked, please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com

Dear Participant,

Please be informed that the latest version of the Israel segment of the MTS Cash Domestic Market Rules (“Market Rules”) have been published on the MTS website.

The Market Rules have been amended pursuant to rule 6.5 of the Market Rules and paragraph 9.2 of the EuroMTS Markets Terms and Conditions (Effective as of August 27th, 2018) (version 06/08/2018) (“Terms and Conditions”). The amended Market Rules will come into force on Thursday 3rd January 2019, are available online at www.mtsmarkets.com/Documents/Market-Rules and a summary of the changes is described below:

• Addition of a maximum quote divergence measure for quoting obligations;
• Addition of the calculation methodology for spreads; and
• Specifying the quoting obligations for long-term nominal bonds.

Please note that the Market Rules together with the Terms and Conditions and relevant Schedules constitute your agreement with EuroMTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and Terms and Conditions as published on the MTS website.
　　
For any further clarification please do not hesitate to contact ClientServices@mtsmarkets.com or MTSCompliance@mtsmarkets.com.

Regards,
Client Services

Tel: +44 20 7797 4090
Email: clientservices@mtsmarkets.com

In light of the coming into force of MiFID II on January 3^rd, 2018 and referring also to our previous communications on the new market rules for the markets managed by MTS S.p.A. and the new structure of these markets MTS would like to inform you that:

1. MTS has published on its website (http://www2.mtsmarkets.com/e/75932/resources-market-rules/3s8hm6/404822721 ) a revised text of the Market Rules of BondVision Europe MTF to be effective as of January 3^rd, 2018. This market will comprise a Cash Segment for the trading via RFQ of government bonds and corporate bonds and a new GCM segment for the trading of repo contracts via RFQ. Please note that the current BondVision Italia regulated market will cease its operations on January 2^nd, 2018. The financial instruments currently available on the BondVision Italia will be available from the 3^rd of January on BondVision Europe MTF. If you are not yet a participant in BondVision Europe MTF, please execute the relevant agreements as soon as possible to avoid any disruption.
2. The rules of MTS Italy, the wholesale regulated market for government bonds and repo contracts, operated by MTS S.p.A. are also available on the MTS website at http://www2.mtsmarkets.com/e/75932/resources-market-rules/3s8hm6/404822721 . These Market Rules are still subject to the regulatory approval of the Italian Ministry of Finance and we expect them to come into force on January 3^rd, 2018, together with MiFID II.
3. The market known as MTS Corporate offering repo contracts in securities issued by Sovereign, Supranational and Agency organisations will close on January 2^nd, 2018. These securities will instead be available on the GCM Segment of BondVision Europe MTF from January 3^rd, 2018. 

For any further clarification, or to receive the "redline" version of the rules with all changes tracked, please contact clientservices@mtsmarkets.com or MTSRegulations@mtsmarkets.com .

Please note that on July 18th, 2017 the MTS S.p.A. and EuroMTS Limited ("MTS") Board of Directors approved the new versions of the Market Rules aligning them with MiFID II requirements in respect of the following trading venues:

MTS S.p.A.:

• MTS Italy (Cash and Repo Segment), a Regulated Market
• BondVision Europe MTF

EuroMTS Limited:

• EBM, a Multilateral Trading Facility (formerly known as EuroMTS)
• MTS Cash Domestic Market, a Multilateral Trading Facility comprising the following Segments: MTS Austria, MTS Czech Republic, MTS Germany, MTS Greece, MTS Hungary, MTS Ireland, MTS Israel, MTS Netherlands, MTS Portugal, MTS Slovenia, MTS Spain, and MTS UK
• BondVision UK, a Multilateral Trading Facility.

Consultation with relevant stakeholders is a key part of developing all the MTS markets. MTS is therefore seeking feedback from market participants, advisors, and trade associations on the proposed draft rule books. The consultation opens today and will remain open until the close of business August 31st, 2017.

Pending regulatory approval, shareholders’ approval, where needed and the enactment of laws and regulations implementing MiFID II in the relevant countries, the documents available shall be considered as drafts. The final versions of the rule books of the above listed trading venues, subject to regulatory approval and shareholders’ resolution, where needed, will come into force on January 3rd, 2018 and will be published on the MTS website in Q4 2017.

Please note that the draft rule books referred to above are available on the MTS website at: http://www2.mtsmarkets.com/e/75932/-library-mifid-ii-legal-drafts/3ldx26/351867635

Please send any comment you might have on the above mentioned rule books at: MTSRegulations@mtsmarkets.com

For any further clarification, please do not hesitate to contact clientservices@mtsmarkets.com

This notice is to inform our trading community that the new version of the MTS Rules and Instructions for MTS Italia, the Government Bonds Electronic Wholesale Market, which includes both the Cash segment, and the Repo segment have been published on the MTS website. 

The new Rules, available online on www.mtsmarkets.com/Documents/Market-Rules, will come into force on Wednesday, 26th of July 2017. 

In summary the main changes introduced are:

1. MTS Italia (Repo Segment): a new RFCQ trading mechanism has been introduced. Dealer to End User trades will be executed on a name give up basis in all Instances.
2. MTS Italia (Repo Segment): with respect to the RFCQ trading, the possibility for "End Users" and "Dealers" to manually send their own settlement instructions for bilateral non-CCP trades has been introduced. CCP trades will settle automatically
3. MTS Italia (Repo Segment): a new GC Extra basket has been introduced.

Please note that the rulebooks referred to above together with the General Terms and Conditions are available on the MTS website and can be reached by clicking on the above hyperlinks, These, together with the relevant Schedules constitute your agreement with MTS. Please make sure that you are always aware of the latest version of the relevant Market Rules and General Terms and Conditions as published on MTS website.

　
For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

For the attention of all participants on the MTS BondsPro ATS:

This notice serves to reiterate our commitment to operating a fair and orderly market for all participants on the MTS BondsPro ATS.

Participant Obligations and Market Activity

By using the MTS BondsPro ATS, participants undertake certain obligations as stated in the Subscriber Agreement, Trading Rules, and other covered communications. Some of these obligations are to:

• Use the ATS in a responsible manner;
• Use the ATS for its intended function;
• Conduct all activity on the ATS in accordance with the Trading Rules

Since the founding of MTS in 1988, it has been our mission to provide clients with efficient, reliable, fair, and orderly access to the markets in which we are active.  And as an ATS operator, in order to ensure an orderly market, MTS Markets International, Inc. (MMI) undertakes continuous surveillance of activity on the ATS. Such surveillance is comprehensive and incorporates not only trade executions but also all ancillary actions including posting prices, aggressing on prices, and the reliability of prices posted (i.e. rejecting or failing to confirm an aggressor’s attempt to trade with a posted price).

MMI considers activity on the system that is contrary to the intended function of the ATS to be detrimental to the operation of an efficient and orderly market.
 

MMI regularly reviews participant activity to identify negative behaviour that may contribute to a disorderly market, and MMI will exercise its right, at its sole discretion, to restrict trading by any participant that repeatedly exhibits behaviour on the ATS that is contrary to the best interests of an efficient market.
 

Thank you for your attention to this notice.

Any questions regarding this notice should be addressed to MTS Markets International, Inc. via compliance@mtsmarkets.com.

This notice is part of an ongoing dialogue with participants on regulatory matters, with the ultimate aim of raising awareness on the evolution of the regulatory landscape and its impact on MTS markets. MTS will continue to issue similar regulatory updates from time to time, when we deem appropriate to do so.

 
Participant Obligations and Market activity
 
MTS would like to remind all participants of their ongoing obligations as members of markets operated by MTS. These undertakings are principally described within the rulebooks of the relevant market and include a number of provisions with respect to data confidentiality.
 
Data Confidentiality
 
Participants should treat all information supplied by and derived from MTS markets as confidential and should not be disclosed to other parties, except as may be required to fulfil legal or regulatory obligations. Participants should also consider the ramifications of unlawful disclosure of inside information as laid out in Regulation (EU) No 596/2014 on market abuse ("MAR").
 
Market activity
 
With the anniversary of the implementation of MAR approaching, MTS would like to reiterate our commitment to operating orderly and fair markets for all participants. Participants that are privy to non-public information in the course of their activity on MTS markets, including B2C interactions, are reminded of their obligations to handle such information appropriately and refrain from behaviours that may unfairly disadvantage their counterparty(s). Market activity which is incongruous to this may result in potential sanctions as well as potential violations of MAR.
 
Any comments or queries on this Market notice should be addressed to MTS Monitoring, Via Tomacelli 146, 00186 Rome - Italy. Email: monitoring@mtsmarkets.com

Legal and Regulatory Notice – 09/2021

Dear Participant,

Please be informed that the amendments to the Regulatory Specifications have been published on the MTS website in accordance with articles 9.1 and 9.2 of the current MTS General Terms and Conditions.

The Regulatory Specifications have been updated to introduce a new SUR Instrument Class on the EBM MTF.

The new text will come into force on 25 October 2021 and is available online at www.mtsmarkets.com/Documents/Market-Rules. Participants can exercise their rights provided for in article 13.3 of the current General Terms & Conditions up until 22 October 2021.

Please note that the amendments referred to above and the General Terms and Conditions are available on the MTS website (please click on the relevant hyperlinks above to access the documents). These documents, together with the relevant Schedules, constitute your agreement with MTS. Please make sure you are always up-to-date with the latest version of the relevant Market Rules and General Terms and Conditions as published on the MTS website.

For any further clarification, please do not hesitate to contact ClientServices@mtsmarkets.com

Regards,

Client Services
Tel: + 44 (0)20 7797 4090 Fax: + 44 (0)20 7797 4511
Email: clientservices@mtsmarkets.com www.mtsmarkets.com
10 Paternoster Square, London, EC4M 7LS