[ESMA35-43-349 ESMA Investor protection Best execution Q&A 21]

If an execution venue uses the trading system of a ‘continuous order book’ or a ‘continuous quote driven system’ to conduct continuous trading, it has to provide information on the trading system (as requested in the column of Table 3 entitled ‘trading system’ and based on the typology and descriptions set out in Annex I of RTS 2). In order to fulfil this reporting obligation, it is sufficient to indicate in the respective RTS 27 reports that ‘continuous trading’ was conducted on the execution venue. In this case, execution venues should insert a ‘N/A’ (i.e. ‘not applicable’) reference in the ‘trading mode’ column of Table 3 of the Annex of RTS 27.