RE: Jane street group24 Feb 2026 11:18
Normal Rule: Immediate Publication
All trades, whether from market makers or other participants, must be reported and published as close to real-time as possible, usually within seconds.
This applies regardless of trade size, even if it is below or equal to the market size.
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🕒 When Are Delays Allowed? (Exceptions)
1. Large in Scale (LIS) Trades
Delays are only allowed for trades that exceed a certain threshold, known as "Large in Scale".
These thresholds vary by stock (based on liquidity and average daily turnover) and are set under MiFID II rules.
Example: A trade worth millions of pounds in a FTSE 100 stock might qualify.
➡️ Below market size trades do not meet LIS thresholds, so no delay is allowed.
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2. Negotiated Trades & Off-Book Reporting
Some trades executed off-order book (e.g., negotiated or "off-book" transactions) may have reporting windows (e.g., 15 minutes, end of day), depending on venue and agreement.
However, these are not market maker quote trades in the central order book, and still must follow strict rules.
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🔍 Why This Matters:
Market transparency is a core principle of regulated markets.
Market makers must show and update prices and sizes in real time, and any executed trades must be promptly reported.
Delaying smaller trades would be considered market manipulation or non-compliance.
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🚫 Summary: No, They Can't
Situation Can Market Makers Delay Publication?
Trade below market size ❌ No — must publish immediately
Trade above LIS threshold ✅ Possibly, with allowed deferral
Negotiated / off-book trades ⚠️ Sometimes — under strict rules