1. The FCA may waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 3(1) for:
(a) systems matching orders based on a trading methodology by which the price of the financial instrument referred to in Article 3(1) is derived from the trading venue where that financial instrument was first admitted to trading or the most relevant market in terms of liquidity, where that reference price is widely published and is regarded by market participants as a reliable reference price.
(b) systems that formalise negotiated transactions which are:
(i) made within the current volume weighted spread reflected on the order book or the quotes of the market makers of the trading venue operating that system;
(ii) in an illiquid share, depositary receipt, ETF, certificate or other similar financial instrument that does not fall within the meaning of a liquid market, and are dealt within a percentage of a suitable refere
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