Reference price waiver and multi-listed shares

[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 5.10] The concept of financial instrument in MiFID II / MiFIR is independent of the currency that it is traded in. Therefore, instruments should not be considered as different financial instruments, just because they are traded on multiple venues and/or in multiple currencies. According to Article 4(2) of MiFIR, the reference price is to be “derived” from the trading venue where that financial instrument was first admitted to trading or the most relevant market in terms of liquidity and not replicated. This leaves open the possibility to transact in currencies other than the currency that is used on the trading venue from which the price is derived. The methodology used for converting the reference price should be set out in the trading venue’s rule book. The exchange rate used should be derived from a reliable source (e.g. European Central Bank) and be updated regularly and at least on a daily basis.