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Commission Delegated Regulation (EU) 2025/1246 of 18 June 2025 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instruments

Type Delegated Regulation

Publication 2025-11-03

State In force

Text As published

Department European Commission, FISMA

Source EUR-Lex

articles 4

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

Reform history JSON API

Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives

Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market

Sub-asset class Transactions to be considered for the calculations of the thresholds LIS pre-trade LIS pre-trade SSTI post-trade SSTI post-trade SSTI post-trade LIS post-trade LIS post-trade LIS post-trade

Sub-asset class Transactions to be considered for the calculations of the thresholds Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor

Index credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000

Single name credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000

CDS index options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000

Single name CDS options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000


Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives
Sub-asset class	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Sub-asset class	Transactions to be considered for the calculations of the thresholds	LIS pre-trade	LIS pre-trade	SSTI post-trade	SSTI post-trade	SSTI post-trade	LIS post-trade	LIS post-trade	LIS post-trade
Sub-asset class	Transactions to be considered for the calculations of the thresholds	Trade – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor
Index credit default swap (CDS)	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 5 000 000	80	60	EUR 7 500 000	90	70	EUR 10 000 000
Single name credit default swap (CDS)	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 5 000 000	80	60	EUR 7 500 000	90	70	EUR 10 000 000
CDS index options	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 5 000 000	80	60	EUR 7 500 000	90	70	EUR 10 000 000
Single name CDS options	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 5 000 000	80	60	EUR 7 500 000	90	70	EUR 10 000 000

Table 9.3.

Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives Asset class – Credit Derivatives

Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market

Sub-asset class LIS pre-trade SSTI post-trade LIS post-trade

Sub-asset class Threshold value Threshold value Threshold value

Index credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000

Single name credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000

CDS index options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000

Single name CDS options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000

Other credit derivatives EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 ’


Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives	Asset class – Credit Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Index credit default swap (CDS)	EUR 5 000 000	EUR 7 500 000	EUR 10 000 000
Single name credit default swap (CDS)	EUR 5 000 000	EUR 7 500 000	EUR 10 000 000
CDS index options	EUR 5 000 000	EUR 7 500 000	EUR 10 000 000
Single name CDS options	EUR 5 000 000	EUR 7 500 000	EUR 10 000 000
Other credit derivatives	EUR 5 000 000	EUR 7 500 000	EUR 10 000 000 ’

(8) in Section 10 ‘C10 derivatives’, Table 10.2 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 10.3 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market” are replaced by the following:

‘Table 10.2.

C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market

Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives

Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market

Sub-asset class Transactions to be considered for the calculations of the thresholds LIS pre-trade LIS pre-trade SSTI post-trade SSTI post-trade SSTI post-trade LIS post-trade LIS post-trade LIS post-trade

Sub-asset class Transactions to be considered for the calculations of the thresholds Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor

Freight derivatives calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 50 000 80 60 EUR 75 000 90 70 EUR 100 000


Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives
Sub-asset class	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Sub-asset class	Transactions to be considered for the calculations of the thresholds	LIS pre-trade	LIS pre-trade	SSTI post-trade	SSTI post-trade	SSTI post-trade	LIS post-trade	LIS post-trade	LIS post-trade
Sub-asset class	Transactions to be considered for the calculations of the thresholds	Trade – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor
Freight derivatives	calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class	70	EUR 50 000	80	60	EUR 75 000	90	70	EUR 100 000

Table 10.3.

C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives Asset class – C10 Derivatives

Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market

Sub-asset class LIS pre-trade SSTI post-trade LIS post-trade

Sub-asset class Threshold value Threshold value Threshold value

Freight derivatives EUR 50 000 EUR 75 000 EUR 100 000

Other C10 derivatives EUR 50 000 EUR 75 000 EUR 100 000 ’


Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives	Asset class – C10 Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Freight derivatives	EUR 50 000	EUR 75 000	EUR 100 000
Other C10 derivatives	EUR 50 000	EUR 75 000	EUR 100 000 ’

(9) in Section 11 ‘Financial contracts for differences (CFDs)’, Table 11.2 ‘CFDs– pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 11.3 ‘CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:

‘Table 11.2.

CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market

Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs)

Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market

Sub-asset class Transactions to be considered for the calculations of the thresholds LIS pre-trade LIS pre-trade SSTI post-trade SSTI post-trade SSTI post-trade LIS post-trade LIS post-trade LIS post-trade

Sub-asset class Transactions to be considered for the calculations of the thresholds Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor

Currency CFDs transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000

Commodity CFDs transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000

Equity CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000

Bond CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000

CFDs on an equity future/forward transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000

CFDs on an equity option transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000


Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)
Sub-asset class	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Sub-asset class	Transactions to be considered for the calculations of the thresholds	LIS pre-trade	LIS pre-trade	SSTI post-trade	SSTI post-trade	SSTI post-trade	LIS post-trade	LIS post-trade	LIS post-trade
Sub-asset class	Transactions to be considered for the calculations of the thresholds	Trade – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor	Trade – percentile	Volume – percentile	Threshold floor
Currency CFDs	transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000
Commodity CFDs	transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000
Equity CFDs	transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000
Bond CFDs	transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000
CFDs on an equity future/forward	transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000
CFDs on an equity option	transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)	70	EUR 60 000	80	60	EUR 90 000	90	70	EUR 100 000

Table 11.3.

CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs) Asset class – Financial contracts for differences (CFDs)

Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market

Sub-asset class LIS pre-trade SSTI post-trade LIS post-trade

Sub-asset class Threshold value Threshold value Threshold value

Currency CFDs EUR 60 000 EUR 90 000 EUR 100 000

Commodity CFDs EUR 60 000 EUR 90 000 EUR 100 000

Equity CFDs EUR 60 000 EUR 90 000 EUR 100 000

Bond CFDs EUR 60 000 EUR 90 000 EUR 100 000

CFDs on an equity future/forward EUR 60 000 EUR 90 000 EUR 100 000

CFDs on an equity option EUR 60 000 EUR 90 000 EUR 100 000

Other CFDs/spread betting EUR 60 000 EUR 90 000 EUR 100 000 ’


Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)	Asset class – Financial contracts for differences (CFDs)
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Currency CFDs	EUR 60 000	EUR 90 000	EUR 100 000
Commodity CFDs	EUR 60 000	EUR 90 000	EUR 100 000
Equity CFDs	EUR 60 000	EUR 90 000	EUR 100 000
Bond CFDs	EUR 60 000	EUR 90 000	EUR 100 000
CFDs on an equity future/forward	EUR 60 000	EUR 90 000	EUR 100 000
CFDs on an equity option	EUR 60 000	EUR 90 000	EUR 100 000
Other CFDs/spread betting	EUR 60 000	EUR 90 000	EUR 100 000 ’

(10) Section 12 ‘Emission allowances’ is replaced by the following:

‘12. Emission allowances

Table 12.1.

Emission allowances – classes not having a liquid market

Asset class – Emission allowances Asset class – Emission allowances

For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply: For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:

Sub-asset class Liquidity determination

European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council[^ntr5-L_202501246EN.002801-E0005] (Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e) RTS2#3 = EMAL and RTS23#37 = EUAE European Union Allowances (EUA) are considered to have a liquid market

Any other emission allowances RTS2#3 = EMAL and RTS23#37 <> EUAE Any other emission allowances are considered not to have a liquid market


Asset class – Emission allowances	Asset class – Emission allowances
For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:	For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:
Sub-asset class	Liquidity determination
European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council[^ntr5-L_202501246EN.002801-E0005] (Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e) RTS2#3 = EMAL and RTS23#37 = EUAE	European Union Allowances (EUA) are considered to have a liquid market
Any other emission allowances RTS2#3 = EMAL and RTS23#37 <> EUAE	Any other emission allowances are considered not to have a liquid market

Table 12.2.

Emission allowances – pre-trade LIS threshold and post-trade size threshold

Asset class – Emission allowances Asset class – Emission allowances Asset class – Emission allowances

Sub-asset class Pre-trade LIS Post-trade size threshold

European Union Allowances (EUA) 5 000 tons of Carbon Dioxide Equivalent 25 000 tons of Carbon Dioxide Equivalent

Any other emission allowances Any size Any size’


Asset class – Emission allowances	Asset class – Emission allowances	Asset class – Emission allowances
Sub-asset class	Pre-trade LIS	Post-trade size threshold
European Union Allowances (EUA)	5 000 tons of Carbon Dioxide Equivalent	25 000 tons of Carbon Dioxide Equivalent
Any other emission allowances	Any size	Any size’

(11) in Section 13 ‘Emission allowance derivatives’, Table 13.2 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined to have a liquid market’ and Table 13.3 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined not to have a liquid market’ are replaced by the following:

‘Table 13.2.

Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market

Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives

Sub-asset class Transactions to be considered for the calculation of the thresholds Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market

Sub-asset class Transactions to be considered for the calculation of the thresholds LIS pre-trade LIS pre-trade SSTI post-trade SSTI post-trade LIS post-trade LIS post-trade

Sub-asset class Transactions to be considered for the calculation of the thresholds Trade – percentile Threshold floor Trade – percentile Threshold floor Trade – percentile Threshold floor

Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 70 50 000 tons of Carbon Dioxide 80 90 000 tons of Carbon Dioxide 90 100 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide


Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives
Sub-asset class	Transactions to be considered for the calculation of the thresholds	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market	Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market
Sub-asset class	Transactions to be considered for the calculation of the thresholds	LIS pre-trade	LIS pre-trade	SSTI post-trade	SSTI post-trade	LIS post-trade	LIS post-trade
Sub-asset class	Transactions to be considered for the calculation of the thresholds	Trade – percentile	Threshold floor	Trade – percentile	Threshold floor	Trade – percentile	Threshold floor
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA)	transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA)	70	50 000 tons of Carbon Dioxide	80	90 000 tons of Carbon Dioxide	90	100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)	transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)	70	25 000 tons of Carbon Dioxide	80	40 000 tons of Carbon Dioxide	90	50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)	transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)	70	25 000 tons of Carbon Dioxide	80	40 000 tons of Carbon Dioxide	90	50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)	transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)	70	25 000 tons of Carbon Dioxide	80	40 000 tons of Carbon Dioxide	90	50 000 tons of Carbon Dioxide

Table 13.3.

Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market

Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives Asset class – Emission Allowance Derivatives

Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market

Sub-asset class LIS pre-trade SSTI post-trade LIS post-trade

Sub-asset class Threshold value Threshold value Threshold value

Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 50 000 tons of Carbon Dioxide 90 000 tons of Carbon Dioxide 100 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide

Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide

Other Emission allowance derivatives 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide’


Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives	Asset class – Emission Allowance Derivatives
Sub-asset class	Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market	Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market
Sub-asset class	LIS pre-trade	SSTI post-trade	LIS post-trade
Sub-asset class	Threshold value	Threshold value	Threshold value
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA)	50 000 tons of Carbon Dioxide	90 000 tons of Carbon Dioxide	100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)	25 000 tons of Carbon Dioxide	40 000 tons of Carbon Dioxide	50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)	25 000 tons of Carbon Dioxide	40 000 tons of Carbon Dioxide	50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)	25 000 tons of Carbon Dioxide	40 000 tons of Carbon Dioxide	50 000 tons of Carbon Dioxide
Other Emission allowance derivatives	25 000 tons of Carbon Dioxide	40 000 tons of Carbon Dioxide	50 000 tons of Carbon Dioxide’

[^ntr1-L_202501246EN.002801-E0001]: Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (OJ L 87, 31.3.2017, p. 368, ELI: http://data.europa.eu/eli/reg_del/2017/585/oj).

[^ntr2-L_202501246EN.002801-E0002]: Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) (OJ L 294, 10.11.2001, p. 1, ELI: http://data.europa.eu/eli/reg/2001/2157/oj).

[^ntr3-L_202501246EN.002801-E0003]: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19, ELI: http://data.europa.eu/eli/dir/2013/34/oj).

[^ntr4-L_202501246EN.002801-E0004]: Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32, ELI: http://data.europa.eu/eli/dir/2009/65/oj).

[^ntr5-L_202501246EN.002801-E0005]: Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p. 32, ELI: http://data.europa.eu/eli/dir/2003/87/oj).

ANNEX IV

Annex I to Delegated Regulation (EU) 2017/587 is amended as follows:

(1) in Table 1, the first row is replaced by the following:


Row	Type of trading system	Description of the trading system	Information to be made public
‘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) the following Tables 1a and 1b are inserted:

‘Table 1a

Symbol table for Table 1b

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

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

Table 1b

List of details for the purpose of pre-trade transparency

# Field identifier Description and details to be published Format to be populated as specified in Table 2

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[^ntr1-L_202501246EN.006601-E0001]. {DATE_TIME_FORMAT}

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

3 Side The side of the order or quote. For periodic auction trading system, this field is not mandatory. “BUYI” or “SELL”

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}

#	Field identifier	Description and details to be published	Format to be populated as specified in Table 2
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[^ntr1-L_202501246EN.006601-E0001].	{DATE_TIME_FORMAT}
2	Instrument identification code	Code used to identify the financial instrument.	{ISIN}
3	Side	The side of the order or quote. For periodic auction trading system, this field is not mandatory.	“BUYI” or “SELL”
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}

(3) Tables 3 and 4 are replaced by the following:

‘Table 3

List of details for the purpose of post-trade transparency

Field num Field identifier Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 2

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

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, this field shall not be populated. APA {MIC}

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

Field num	Field identifier	Description and details to be published	Type of execution or publication venue	Format to be populated as specified in Table 2
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
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, this field shall not be populated.	APA	{MIC}
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

Table 4

List of flags for the purpose of post-trade transparency

Flag Name Type of execution or publication venue Description

“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.

“NPFT” Non-price forming transactions flag RM, MTF Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.

“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.

“CANC” Cancellation flag RM, MTF APA Where a previously published transaction is cancelled

“AMND” Amendment flag RM, MTF APA Where a previously published transaction is amended’

Flag	Name	Type of execution or publication venue	Description
“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.
“NPFT”	Non-price forming transactions flag	RM, MTF	Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“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.
“CANC”	Cancellation flag	RM, MTF APA	Where a previously published transaction is cancelled
“AMND”	Amendment flag	RM, MTF APA	Where a previously published transaction is amended’

[^ntr1-L_202501246EN.006601-E0001]: 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).’;

ANNEX V

Annex II to Delegated Regulation (EU) 2017/587 is amended as follows:

(1) Table 3 is replaced by the following:

‘Table 3

Standard market sizes for shares and depositary receipts

Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -12 000 ) AVT bucket [12 000 -14 000 ) AVT bucket [14 000 -16 000 ) AVT bucket [16 000 -18 000 ) AVT bucket [18 000 -20 000 ) AVT bucket [20 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.

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

Average value of transactions (AVT) in EUR	AVT bucket [0 -10 000 )	AVT bucket [10 000 -12 000 )	AVT bucket [12 000 -14 000 )	AVT bucket [14 000 -16 000 )	AVT bucket [16 000 -18 000 )	AVT bucket [18 000 -20 000 )	AVT bucket [20 000 -40 000 )	AVT bucket [40 000 -60 000 )	Etc.
Standard market size	5 000	11 000	13 000	15 000	17 000	19 000	30 000	50 000	Etc.’

(2) the following Table 3a is inserted:

‘Table 3a

Standard market sizes for ETFs, certificates and other similar financial instruments

Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -15 000 ) AVT bucket [15 000 -20 000 ) AVT bucket [20 000 -25 000 ) AVT bucket [25 000 -30 000 ) AVT bucket [30 000 -35 000 ) AVT bucket [35 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.

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

Average value of transactions (AVT) in EUR	AVT bucket [0 -10 000 )	AVT bucket [10 000 -15 000 )	AVT bucket [15 000 -20 000 )	AVT bucket [20 000 -25 000 )	AVT bucket [25 000 -30 000 )	AVT bucket [30 000 -35 000 )	AVT bucket [35 000 -40 000 )	AVT bucket [40 000 -60 000 )	Etc.
Standard market size	5 000	12 500	17 500	22 500	27 500	32 500	37 500	50 000	Etc.’

ELI: http://data.europa.eu/eli/reg_del/2025/1246/oj

ISSN 1977-0677 (electronic edition)

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