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Commission Delegated Regulation (EU) 2017/587Show full title

Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (Text with EEA relevance)

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Commission Delegated Regulation (EU) 2017/587 is up to date with all changes known to be in force on or before 08 February 2026. There are changes that may be brought into force at a future date. Help about Changes to Legislation

EUR 2017 No. 587 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.

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  1. Introductory Text

  2. CHAPTER I GENERAL

    1. Article 1.Definitions

    2. Article 2.Transactions not contributing to the price discovery process(Article 23(1) of Regulation (EU) No 600/2014)

  3. CHAPTER II PRE-TRADE TRANSPARENCY

    1. Section 1 Pre-trade transparency for trading venues

      1. Article 3.Pre-trade transparency obligations(Article 3(1) and (2) of Regulation (EU) No 600/2014)

      2. Article 4.Most relevant market in terms of liquidity(Article 4(1)(a) of Regulation (EU) No 600/2014)

      3. Article 5.Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)

      4. Article 6.Negotiated transactions subject to conditions other than the current market price(Article 4(1)(b) of Regulation (EU) No 600/2014)

      5. Article 7.Orders that are large in scale(Article 4(1)(c) of Regulation (EU) No 600/2014)

      6. Article 8.Type and minimum size of orders held in an order management facility(Article 4(1)(d) of Regulation (EU) No 600/2014)

    2. Section 2 Pre-trade transparency for systematic internalisers and investment firms trading outside a trading venue

      1. Article 9.Arrangements for the publication of a firm quote(Article 14(1) of Regulation (EU) No 600/2014)

      2. Article 10. Prices reflecting prevailing market conditions (Article 14(3) of Regulation (EU) No 600/2014)

      3. Article 11.Standard market size(Article 14(2) and (4) of Regulation (EU) No 600/2014)

  4. CHAPTER III POST-TRADE TRANSPARENCY FOR TRADING VENUES AND INVESTMENT FIRMS TRADING OUTSIDE A TRADING VENUE

    1. Article 12.Post-trade transparency obligations(Article 6(1) and Article 20(1) and (2) of Regulation (EU) No 600/2014)

    2. Article 13.Application of post-trade transparency to certain types of transactions executed outside a trading venue(Article 20(1) of Regulation (EU) No 600/2014)

    3. Article 14.Real time publication of transactions(Article 6(1) of Regulation (EU) No 600/2014)

    4. Article 15.Deferred publication of transactions(Article 7(1) and 20(1) and (2) of Regulation (EU) No 600/2014)

    5. Article 16.References to trading day and daily trading hours

  5. CHAPTER IV PROVISIONS COMMON TO PRE-TRADE AND POST-TRADE TRANSPARENCY CALCULATIONS

    1. Article 17.Methodology, date of publication and date of application of the transparency calculations(Article 22(1) of Regulation (EU) No 600/2014)

    2. Article 18.Reference to competent authorities(Article 22(1) of Regulation (EU) No 600/2014)

    3. Article 19.Transitional provisions

    4. Article 20.Entry into force and application

  6. Signature

    1. ANNEX I

      Information to be made public

      1. Table 1 Description of the type of trading systems and...

      2. Table 2 Symbol table for Table 3 Symbol Data type...

      3. Table 3 List of details for the purpose of post-trade...

      4. Table 4 List of flags for the purpose of post-trade...

    2. ANNEX II

      Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays

      1. Table 1 Orders large in scale compared with normal market...

      2. Table 2 Orders large in scale compared with normal market...

      3. Table 3 Standard market sizes Average value of transactions (AVT)...

      4. Table 4 Deferred publication thresholds and delays for shares and...

      5. Table 5 Deferred publication thresholds and delays for ETFs Minimum...

      6. Table 6 Deferred publication thresholds and delays for certificates and...

    3. ANNEX III

      Reference data to be provided for the purpose of transparency calculations

      1. Table 1 Symbol table Symbol Data Type Definition {ALPHANUM-n} Up...

      2. Table 2 Details of the reference data to be provided...

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