Legalize / European Union / 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. ) / History

Reform history

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. )

5 versions · 2016-07-14

2026-03-02

markets in financial instruments with regard to regulatory technical st

View changes Text at this date

2025-11-23

markets in financial instruments with regard to regulatory technical st

View changes Text at this date

Changes on 2025-11-23

@@ -24,13 +24,13 @@

A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:

(a) the transaction is executed by reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;

(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;

(b) the transaction is part of a portfolio trade which includes five or more different shares;

(c) the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;

(j) the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (2).

(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (2), or is a type of transaction listed in Article 13 of this Regulation.

## CHAPTER II

@@ -83,15 +83,15 @@

A negotiated transaction in shares, depositary receipts, ETFs, certificates and other similar financial instruments shall be subject to conditions other than the current market price of the financial instrument where any of the following circumstances applies:

(a) the transaction is executed in reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;

(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;

(b) the transaction is part of a portfolio trade;

(c) the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot;

(j) any other transaction equivalent to one of those described in points (a) to (i) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;

(k) the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Delegated Regulation (EU) 2017/590.

(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;

(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.

#### Article 7

@@ -117,7 +117,7 @@

(a) is intended to be disclosed to the order book operated by the trading venue and is contingent on objective conditions that are pre-defined by the system's protocol;

(b) cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;

(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;

(c) once disclosed to the order book, interacts with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.

@@ -155,6 +155,8 @@

The prices published by a systematic internaliser shall be deemed to reflect prevailing market conditions where they are close in price, at the time of publication, to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument.

Where there are no quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument, the prices published by a systematic internaliser shall be deemed to reflect prevailing market conditions where they are close in price to quotes of equivalent sizes for the same financial instrument on trading venues other than the most relevant market in terms of liquidity as determined in accordance with Article 4.

However, the prices published by a systematic internaliser in respect of shares and depositary receipts shall be deemed to reflect prevailing market conditions only where those prices meet the requirements set out in the first paragraph of this Article and respect minimum price increments corresponding to the tick sizes specified in Article 2 of Commission Delegated Regulation (EU) No 2017/588 (4).

#### Article 11

@@ -173,6 +175,22 @@

Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments first admitted to trading or first traded on a trading venue four weeks or less before the end of the preceding calendar year.

#### Article 11a

Quote size below which the pre-trade transparency requirements under Articles 14, 15, 16 and 17 of Regulation (EU) No 600/2014 apply

(Article 14(2) of Regulation (EU) No 600/2014)

The obligation to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates, and other similar financial instruments shall apply to systematic internalisers when they deal in sizes up to twice the standard market size as determined in accordance with Article 11.

#### Article 11b

Minimum quote size

(Article 14(3) of Regulation (EU) No 600/2014)

The minimum quote size for a particular share, depositary receipt, ETF, certificate, or other similar financial instrument traded on trading venue shall be equal to the standard market size as determined in accordance with Article 11.

## CHAPTER III

### **POST-TRADE TRANSPARENCY FOR TRADING VENUES AND INVESTMENT FIRMS TRADING OUTSIDE A TRADING VENUE**

@@ -199,6 +217,10 @@

(a) excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (5) where applicable.

(b) give-up transactions or give-in transactions, which are any of the following transactions:

(i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;

(ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.

#### Article 14

Real time publication of transactions

@@ -267,29 +289,11 @@

The competent authority for a specific financial instrument responsible for performing the calculations and ensuring the publication of the information referred to in Articles 4, 7, 11 and 17 shall be the competent authority of the most relevant market in terms of liquidity in Article 26 of Regulation (EU) No 600/2014 and specified in Article 16 of Delegated Regulation (EU) 2017/590.

#### Article 19

##### Transitional provisions

By way of derogation from Article 17(1), competent authorities shall collect the data, calculate and ensure publication immediately upon their completion in accordance with the following timeframe:

(a) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the calculations no later than four weeks prior to the date of application of Regulation (EU) No 600/2014;

(b) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the calculations no later than the date of application of Regulation (EU) No 600/2014.

The calculations referred to in paragraph 1 shall be performed as follows:

(a) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than 16 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculations shall be based on data available for a 40-week reference period commencing 52 weeks prior to the date of application of Regulation (EU) No 600/2014;

(b) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date within the period commencing 16 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculations shall be based on data available for the first four week trading period of that financial instrument;

(c) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, the calculations shall be based on the previous trading history of those financial instruments or other financial instruments considered to have similar characteristics to those financial instruments.

During the period referred to in paragraph 3, competent authorities shall ensure the following with regard to the financial instruments referred to in points (b) and (c) of paragraph 2:

(a) that the information published in accordance with paragraph 1 remains appropriate for the purposes of points (a) and (c) of Article 4(1) and paragraphs 2 and 4 of Article 14 of Regulation (EU) No 600/2014;

(b) that the information published in accordance with paragraph 1 is updated on the basis of a longer trading period and a more comprehensive trading history, where necessary.

#### Article 19

##### Sunset clause

Article 17(6) and Annex IV shall no longer apply from 1 January 2026 and Article 17(5) and Annex III shall no longer apply from 1 January 2027.

#### Article 20

@@ -309,12 +313,42 @@

| --- | --- | --- | --- |

| 1 | Continuous auction order book trading system | A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. | The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels. |

| | | | |

| 1 | Continuous order book trading system | A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. | The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels. |

| | | | |

| 2 | Quote-driven trading system | A system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself. | The best bid and offer by price of each market maker in shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system, together with the volumes attaching to those prices. The quotes made public shall be those that represent binding commitments to buy and sell the financial instruments and which indicate the price and volume of financial instruments in which the registered market makers are prepared to buy or sell. In exceptional market conditions, however, indicative or one-way prices may be allowed for a limited time. |

| 3 | Periodic auction trading system | A system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention. | The price at which the auction trading system would best satisfy its trading algorithm in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system and the volume that would potentially be executable at that price by participants in that system. |

| 4 | Request for quote trading system | A system where a quote or quotes are provided in response to a request for quote submitted by one or more members or participants. The quote is executable exclusively by the requesting member or participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request. | The quotes and the attached volumes from any member or participant which, if accepted, would lead to a transaction under the system's rules. All submitted quotes in response to a request for quote may be published at the same time but not later than when they become executable. |

| 5 | Hybrid trading system | A system falling into two or more of the types of trading systems referred to in rows 1 to 4 of this Table. | For hybrid systems that combine different trading systems at the same time, the requirements correspond to the pre-trade trade transparency requirements applicable to each type of trading system that forms the hybrid system. For hybrid systems that combine two or more trading systems subsequently, the requirements correspond to the pre-trade transparency requirements applicable to the respective trading system operated at a particular point in time |

| 6 | Any other trading system | Any other type of trading system not covered by rows 1 to 5. | Adequate information as to the level of orders or quotes and of trading interest in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system; in particular, the five best bid and offer price levels and/or two-way quotes of each market maker in that instrument, if the characteristics of the price discovery mechanism so permit. |

| Symbol | Data type | Definition |

| --- | --- | --- |

| {ALPHANUM-n} | Up to n alphanumerical characters | Free text field. |

| {CURRENCYCODE_3} | 3 alphanumerical characters | 3-letter currency code, as specified by ISO 4217 currency codes |

| {DATE_TIME_ FORMAT} | ISO 8601 date and time format | Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ. — ‘YYYY’ is the year; — ‘MM’ is the month; — ‘DD’ is the day; — ‘T’ – means that the letter ‘T’ shall be used — ‘hh’ is the hour; — ‘mm’ is the minute; — ‘ss.dddddd’ is the second and its fraction of a second; — ‘Z’ is UTC time. Dates and times shall be reported in UTC. |

| {DECIMAL-n/m} | Decimal number of up to n digits in total of which up to m digits can be fraction digits | Numerical field for both positive and negative values. – decimal separator is ‘.’ (full stop); – negative numbers are prefixed with ‘–’ (minus); Where applicable, values shall be rounded and not truncated. |

| {ISIN} | 12 alphanumerical characters | ISIN code, as specified in ISO 6166 |

| {MIC} | 4 alphanumerical characters | Market identifier as specified in ISO 10383 |

| {LEI} | 20 alphanumerical characters | Legal entity identifier as specified in ISO 17442 |

| --- | --- | --- | --- |

| 1 | Update date and time | For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system. For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution. For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter. The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155 (1). | {DATE_TIME_FORMAT} |

| 2 | Instrument identification code | Code used to identify the financial instrument. | {ISIN} |

| 4 | Market Maker | For quote-driven trading system the identification of the market maker. | {LEI} |

| 5 | Price | The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest. For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm. Where the price is reported in monetary terms, it shall be provided in the major currency unit. Where the price is not available but pending (‘PNDG’) or not applicable (‘NOAP’), this field shall not be populated. | {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments {DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments {DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments |

| 6 | Price currency | Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). | {CURRENCYCODE_3} |

| 7 | Price notation | Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. | ‘MONE’ – Monetary value in the case of equity and equity-like financial instruments ‘PERC’ – Percentage in n the case of certificates and other equity-like financial instruments ‘YIEL’ – Yield in the case of certificates and other equity-like financial instruments ‘BAPO’ – Basis points in the case of certificates and other equity-like financial instruments |

| 8 | Quantity | Number of units of the financial instruments attached to the quotes or orders as required under Table 1. Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit. For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. | {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments {DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments. |

| 9 | Quantity currency | Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided. This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. | {CURRENCYCODE_3} |

| 10 | Aggregated number of orders and quotes | The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. | {DECIMAL-18/0} |

| 11 | Venue | Identification of the trading venue through the system of which orders and quotes are advertised. Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. | {MIC} |

| 12 | Trading system | Type of trading system where the order or quote is advertised | ‘CLOB’ – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I. ‘QDTS’ – quote driven trading systems as referred to in Table 1 of Annex I. ‘PATS’ – periodic auction trading systems as referred to in Table 1 of Annex I. ‘RFQT’ – request for quote trading systems as referred to in Table 1 of Annex I. ‘HYBR’ – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB. ‘OTHR’ – for any other trading system as referred to in Table 1 of Annex I. |

| 13 | Trading system phase | Type of trading system phase where the order or quote is advertised | ‘UDUC’ – Undefined Auction ‘SOAU’ – Scheduled Opening Auction ‘SCAU’ – Scheduled Closing Auction ‘SIAU’ – Scheduled Intraday Auction ‘UAUC’ – Unscheduled Auction ‘ODAU’ – On Demand Auction (Frequent Batch Auction) ‘COTR’ – Continuous Trading ‘MACT’ – At Market Close Trading ‘OMST’ – Out of Main Session Trading ‘OTSP’ – Other |

| 14 | Publication date and time | Date and time when the information was published by the trading venue. The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. | {DATE_TIME_FORMAT} |

| (1) Commission Delegated Regulation (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574 (OJ L, 2025/1155, 3.11.2025, ELI: http://data.europa.eu/eli/reg_del/2025/1155/oj). | | | |

| Symbol | Data type | Definition |

| --- | --- | --- |

@@ -325,43 +359,38 @@

| {ISIN} | 12 alphanumerical characters | ISIN code, as defined in ISO 6166 |

| {MIC} | 4 alphanumerical characters | Market identifier as defined in ISO 10383 |

| --- | --- | --- | --- | --- |

| 1 | Trading date and time | Date and time when the transaction was executed. For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 2 of Delegated Regulation (EU) 2017/574. For transactions not executed on a trading venue, the date and time when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I of Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second. Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM) Multilateral Trading Facility (MTF) Approved Publication Arrangement (APA) Consolidated tape provider (CTP) | {DATE_TIME_FORMAT} |

| 2 | Instrument identification code | Code used to identify the financial instrument. | RM, MTF, APA, CTP | {ISIN} |

| 3 | Price | Traded price of the transaction excluding, where applicable, commission and accrued interest. Where price is reported in monetary terms, it shall be provided in the major currency unit. Where price is currently not available but pending (‘PNDG’) or not applicable (‘NOAP’), this field shall not be populated. | RM, MTF, APA, CTP | {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments {DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments |

| 4 | Missing Price | Where price is currently not available but pending, the value shall be ‘PNDG’. Where price is not applicable, the value shall be ‘NOAP’. | RM, MTF, APA, CTP | ‘PNDG’ in case the price is not available ‘NOAP’ in case the price is not applicable |

| 5 | Price currency | Major currency unit in which the price is expressed (applicable if the price is expressed as monetary value). | RM, MTF APA, CTP | {CURRENCYCODE_3} |

| 6 | Price notation | Indication as to whether the price is expressed in monetary value, in percentage or in yield. | RM, MTF APA, CTP | MONE’ — Monetary value in the case of equity and equity-like financial instruments ‘PERC’ — Percentage in the case of certificates and other equity-like financial instruments ‘YIEL’ — Yield in the case of certificates and other equity-like financial instruments ‘BAPO’ — Basis points in the case of certificates and other equity-like financial instruments |

| 7 | Quantity | Number of units of the financial instruments. The nominal or monetary value of the financial instrument. | RM, MTF, APA, CTP | {DECIMAL-18/17} in case the quantity is expressed as number of units {DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value |

| 8 | Venue of execution | Identification of the venue where the transaction was executed. Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC. Use ‘SINT’ for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser. Use MIC code ‘XOFF’ for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to the MIC code ‘XOFF’ also the population of the field ‘Third-country trading venue of execution’ is required. | RM, MTF, APA, CTP | {MIC} – EU trading venues or ‘SINT’ — systematic internaliser ‘XOFF’ — otherwise |

| 9 | Third-country trading venue of execution | Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC. Where the transaction is not executed on a third-country trading venue, the field shall not be populated. | APA, CTP | {MIC} |

| 10 | Publication date and time | Date and time when the transaction was published by a trading venue or APA. For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 2 of Delegated Regulation (EU) 2017/574. For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. | RM, MTF, APA, CTP | {DATE_TIME_FORMAT} |

| 11 | Venue of Publication | Code used to identify the trading venue or APA publishing the transaction. | CTP | trading venue: {MIC} APA: ISO 10383 segment MIC (4 characters) where available. Otherwise, 4-character code as published in the list of data reporting services providers on ESMA’s website. |

| 12 | Transaction identification code | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580 (1) and APAs and used in any subsequent reference to the specific trade. The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day. Where the APA does not use MICs, it shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day. The components of the transaction identification code shall not disclose the identity of the counter- parties to the transaction for which the code is maintained | RM, MTF, APA, CTP | {ALPHANUM-52} |

| (1) Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments (OJ L 87, 31.3.2017, p. 193). | | | | |

| 1 | Trading date and time | Date and time when the transaction was executed. For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second. Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF) Approved Publication Arrangement (APA) | {DATE_TIME_FORMAT} |

| 2 | Instrument identification code | Code used to identify the financial instrument | RM, MTF, APA | {ISIN} |

| 3 | Price | Traded price of the transaction excluding, where applicable, commission and accrued interest. Where the price is reported in monetary terms, it shall be provided in the major currency unit. Where the price is not available but pending (‘PNDG’) or not applicable (‘NOAP’), this field shall not be populated. | RM, MTF, APA | {DECIMAL-18/13} in case the price is expressed as monetary value {DECIMAL-11/10} in case the price is expressed as percentage or yield {DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments |

| 4 | Missing Price | Where the price is not available but pending, the value shall be ‘PNDG’. Where the price is not applicable, the value shall be ‘NOAP’. | RM, MTF APA | ‘PNDG’ in case the price is not available ‘NOAP’ in case the price is not applicable |

| 5 | Price currency | Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). | RM, MTF APA | {CURRENCYCODE_3} |

| 6 | Price notation | Indication as to whether the price is expressed in monetary value, in percentage, or in yield. | RM, MTF APA | ‘MONE’ – Monetary value in the case of equity and equity-like financial instruments ‘PERC’ – Percentage in the case of certificates and other equity-like financial instruments ‘YIEL’ – Yield in the case of certificates and other equity-like financial instruments ‘BAPO’ – Basis points in the case of certificates and other equity-like financial instruments |

| 7 | Quantity | Number of units of the financial instruments. The nominal or monetary value of the financial instrument. | RM, MTF, APA | {DECIMAL-18/17} in case the quantity is expressed as number of units {DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value |

| 8 | Venue of execution | Identification of the venue where the transaction was executed. Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC. Use ‘SINT’ for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser. Use MIC code ‘XOFF’ for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field ‘Third-country trading venue of execution’ shall be required, in addition to the MIC code ‘XOFF’. | RM, MTF, APA | {MIC} – EU trading venues or ‘SINT’ – systematic internaliser ‘XOFF’ – otherwise |

| 10 | Trading system | Type of trading system on which the transaction was executed. Where the field ‘Venue of execution’ is populated with ‘SINT’ or ‘XOFF’, this field shall not be populated. | RM, MTF | ‘CLOB’ – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I. ‘QDTS’ – quote driven trading systems as referred to in Table 1 of Annex I. ‘PATS’ – periodic auction trading systems as referred to in Table 1 of Annex I. ‘RFQT’ – request for quote trading systems as referred to in Table 1 of Annex I. ‘HYBR’ – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB. ‘OTHR’ – for any other trading system as referred to in Table 1 of Annex I. |

| 11 | Publication date and time | Date and time when the transaction was published by a trading venue or APA. For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. | RM, MTF, APA | {DATE_TIME_FORMAT} |

| 12 | Venue of Publication | Code used to identify the trading venue or APA publishing the transaction. | RM, MTF, APA | {MIC} |

| 13 | Transaction identification code | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade. The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day. Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day. The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. | RM, MTF, APA | {ALPHANUM-52} |

| 14 | Flags | One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι. Where none of the specified circumstances apply, the transaction shall be published without a flag. Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. | RM, MTF, APA | As per Table 4 of Annex I |

| --- | --- | --- | --- |

| ‘BENC’ | Benchmark transactions flag | RM, MTF APA CTP | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. |

| ‘PORT’ | Portfolio transactions flag | RM, MTF APA CTP | Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price. |

| ‘CONT’ | Contingent transactions flag | RM, MTF APA CTP | Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot. |

| ‘ACTX’ | Agency cross transactions flag | APA CTP | Transactions where an investment firm has brought together clients' orders with the purchase and the sale conducted as one transaction and involving the same volume and price. |

| ‘SDIV’ | Special dividend transaction flag | RM, MTF APA CTP | Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer. |

| ‘LRGS’ | Post-trade large in scale transaction flag | RM, MTF APA CTP | Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15. |

| ‘RFPT’ | Reference price transaction flag | RM, MTF CTP | Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014. |

| ‘NLIQ’ | Negotiated transaction in liquid financial instruments flag | RM, MTF CTP | Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014. |

| ‘OILQ’ | Negotiated transaction in illiquid financial instruments flag | RM, MTF CTP | Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014. |

| ‘PRIC’ | Negotiated transaction subject to conditions other than the current market price flag | RM, MTF CTP | Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6. |

| ‘ALGO’ | Algorithmic transaction flag | RM, MTF CTP | Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU. |

| ‘SIZE’ | Transaction above the standard market size flag | APA CTP | Transactions executed on a systematic internaliser where the size of the incoming order was above the standard market size as determined in accordance with Article 11. |

| ‘ILQD’ | Illiquid instrument transaction flag | APA CTP | Transactions in illiquid instruments as determined in accordance with Articles 1 to 5 of Commission Delegated Regulation (EU) 2017/567 (1) executed on a systematic internaliser. |

| ‘RPRI’ | Transactions which have received price improvement flag | APA CTP | Transactions executed on a systematic internaliser with a price improvement in accordance with Article 15(2) of Regulation (EU) No 600/2014. |

| (1) Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (OJ L 87, 31.3.2017, p. 90). | | | |

| ‘BENC’ | Benchmark transactions flag | RM, MTF APA | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. |

| ‘PORT’ | Portfolio transactions flag | RM, MTF APA | Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price. |

| ‘CONT’ | Contingent transactions flag | RM, MTF APA | Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot. |

| ‘SDIV’ | Special dividend transaction flag | RM, MTF APA | Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer. |

| ‘LRGS’ | Post-trade large in scale transaction flag | RM, MTF APA | Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15. |

| ‘RFPT’ | Reference price transaction flag | RM, MTF | Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014. |

| ‘NLIQ’ | Negotiated transaction in liquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014. |

| ‘OILQ’ | Negotiated transaction in illiquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014. |

| ‘PRIC’ | Negotiated transaction subject to conditions other than the current market price flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation. |

| ‘ALGO’ | Algorithmic transaction flag | RM, MTF | Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU. |

## ANNEX II

@@ -375,9 +404,13 @@

| --- | --- | --- |

| **Minimum size of orders qualifying as large in scale compared with normal market size in EUR** | 15 000 | 30 000 |

| **Average value of transactions (AVT) in EUR** | AVT < 20 000 | 20 000 ≤ AVT < 40 000 | 40 000 ≤ AVT < 60 000 | 60 000 ≤ AVT < 80 000 | 80 000 ≤ AVT < 100 000 | 100 000 ≤ AVT < 120 000 | 120 000 ≤ AVT < 140 000 | Etc. |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| **Standard market size** | 10 000 | 30 000 | 50 000 | 70 000 | 90 000 | 110 000 | 130 000 | Etc. |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Standard market size | 5 000 | 11 000 | 13 000 | 15 000 | 17 000 | 19 000 | 30 000 | 50 000 | Etc. |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Standard market size | 5 000 | 12 500 | 17 500 | 22 500 | 27 500 | 32 500 | 37 500 | 50 000 | Etc. |

| Average daily turnover (ADT) in EUR | Minimum qualifying size of transaction for permitted delay in EUR | Timing of publication after the transaction |

| --- | --- | --- |

2024-01-01

markets in financial instruments with regard to regulatory technical st

View changes Text at this date

2023-06-05

markets in financial instruments with regard to regulatory technical st

View changes Text at this date

2019-04-09

markets in financial instruments with regard to regulatory technical

original version Text at this date