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				</ukm:Metadata><EURetained><EUBody DocumentURI="http://www.legislation.gov.uk/eur/2017/588/body" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/body" NumberOfProvisions="6" RestrictExtent="E+W+S+N.I." RestrictStartDate="2019-04-09"><P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2016-07-14"><Title>Tick size for shares, depositary receipts and exchange-traded funds(Article 49(1) and (2) of Directive 2014/65/EU)</Title><P1 DocumentURI="http://www.legislation.gov.uk/eur/2017/588/article/2" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/article/2" id="article-2">
               <Pnumber>Article 2</Pnumber>
               <P1para>
                  <P2 DocumentURI="http://www.legislation.gov.uk/eur/2017/588/article/2/1" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/article/2/1" id="article-2-1">
                     <Pnumber PuncBefore="" PuncAfter=".">1</Pnumber>
                     <P2para>
                        <Text>Trading venues shall apply to orders in shares or depositary receipts a tick size which is equal to or greater than the one corresponding to:</Text>
                        <P3>
                           <Pnumber PuncBefore="(" PuncAfter=")">a</Pnumber>
                           <P3para>
                              <Text>the liquidity band in the table in the Annex corresponding to average daily number of transactions in the most relevant market in terms of liquidity for that instrument; and</Text>
                           </P3para>
                        </P3>
                        <P3>
                           <Pnumber PuncBefore="(" PuncAfter=")">b</Pnumber>
                           <P3para>
                              <Text>the price range in that liquidity band corresponding to the price of the order.</Text>
                           </P3para>
                        </P3>
                     </P2para>
                  </P2>
                  <P2 DocumentURI="http://www.legislation.gov.uk/eur/2017/588/article/2/2" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/article/2/2" id="article-2-2">
                     <Pnumber PuncBefore="" PuncAfter=".">2</Pnumber>
                     <P2para>
                        <Text>By way of derogation from paragraph 1(a), where the most relevant market in terms of liquidity for a share or depositary receipt operates only a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention, trading venues shall apply the liquidity band corresponding to the lowest average daily number of transactions in the table in the Annex.</Text>
                     </P2para>
                  </P2>
                  <P2 DocumentURI="http://www.legislation.gov.uk/eur/2017/588/article/2/3" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/article/2/3" id="article-2-3">
                     <Pnumber PuncBefore="" PuncAfter=".">3</Pnumber>
                     <P2para>
                        <Text>Trading venues shall apply to orders in exchange-traded funds a tick size which is equal to or greater than the one corresponding to:</Text>
                        <P3>
                           <Pnumber PuncBefore="(" PuncAfter=")">a</Pnumber>
                           <P3para>
                              <Text>the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and</Text>
                           </P3para>
                        </P3>
                        <P3>
                           <Pnumber PuncBefore="(" PuncAfter=")">b</Pnumber>
                           <P3para>
                              <Text>the price range in that liquidity band corresponding to the price of the order.</Text>
                           </P3para>
                        </P3>
                     </P2para>
                  </P2>
                  <P2 DocumentURI="http://www.legislation.gov.uk/eur/2017/588/article/2/4" IdURI="http://www.legislation.gov.uk/id/eur/2017/588/article/2/4" id="article-2-4">
                     <Pnumber PuncBefore="" PuncAfter=".">4</Pnumber>
                     <P2para>
                        <Text>The requirements set out in paragraph 3 shall only apply to exchange-traded funds the underlying financial instruments of which are solely equities subject to the tick size regime under paragraph 1 or a basket of such equities.</Text>
                     </P2para>
                  </P2>
               </P1para>
            </P1></P1group></EUBody></EURetained></Legislation>