> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/19.md). # Art. 19 — Monitoring by ESMA 1. Competent authorities and ESMA shall monitor the application of [Article 18](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/18.md) regarding the sizes at which quotes are made available to clients of the investment firm and to other market participants relative to other trading activity of the firm, and the degree to which the quotes reflect prevailing market conditions in relation to transactions in the same or similar financial instruments on a trading venue. By 3 January 2020, ESMA shall submit a report to the Commission on the application of [Article 18](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/18.md). In the event of significant quoting and trading activity just beyond the threshold referred to in [Article 18(6)](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/18.md) or outside prevailing market conditions, ESMA shall submit a report to the Commission before that date. 2. The Commission shall adopt delegated acts in accordance with [Article 50](/mica.wtf/mifir/title-ix-delegated-and-implementing-acts-art.-50-51/50.md) specifying the sizes referred to in [Article 18(6)](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/18.md) at which a firm shall enter into transactions with any other client to whom the quote is made available. The size specific to the financial instrument shall be determined in accordance with the criteria set in [Article 9(5)](/mica.wtf/mifir/title-ii-transparency-for-trading-venues-art.-3-13/9.md)(d). 3. The Commission shall adopt delegated acts in accordance with [Article 50](/mica.wtf/mifir/title-ix-delegated-and-implementing-acts-art.-50-51/50.md) clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in [Article 18(8)](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/18.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://www.mica.wtf/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/19.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.