Article 1Subject matter

1.

This Regulation specifies the method of calculation of the 10 % fall in value for liquid shares traded on a trading venue as set out in Article 23(5) of Regulation (EU) No 236/2012.

2.

This Regulation also specifies the method of calculation of the fall in value for the following financial instruments traded on a trading venue as specified in Delegated Regulation (EU) No 918/2012 adopted pursuant to Article 23(7) of Regulation (EU) No 236/2012:

(a)

illiquid shares;

(b)

the following non-derivative financial instruments:

  1. (i)

    debt instruments issued by sovereign and corporate issuers;

  2. (ii)

    exchange-traded funds;

  3. (iii)

    money market instruments;

(c)

derivatives whose sole underlying is a financial instrument traded on a trading venue.