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UK Delegated Regulation (EU) 2017/587Commission 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)

Read the official text on legislation.gov.uk(opens in a new tab)

UK version of Delegated Regulation (EU) 2017/587. Changes the FCA made by standards instruments are not recorded on legislation.gov.uk, so this page cannot show whether the UK version has diverged.

Contents

CHAPTER I: GENERAL

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

CHAPTER II: PRE-TRADE TRANSPARENCY

Section 1: Pre-trade transparency for trading venues

  1. Article 3 Pre-trade transparency obligations(Article 3(1) and (2) of Regulation (EU) No 600/2014)
  2. Article 4 Most relevant market in terms of liquidity(Article 4(1)(a) of Regulation (EU) No 600/2014)
  3. Article 5 Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)
  4. Article 6 Negotiated transactions subject to conditions other than the current market price(Article 4(1)(b) of Regulation (EU) No 600/2014)
  5. Article 7 Orders that are large in scale(Article 4(1)(c) of Regulation (EU) No 600/2014)
  6. Article 8 Type and minimum size of orders held in an order management facility(Article 4(1)(d) of Regulation (EU) No 600/2014)

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

  1. Article 9 Arrangements for the publication of a firm quote(Article 14(1) of Regulation (EU) No 600/2014)
  2. Article 10 Prices reflecting prevailing market conditions (Article 14(3) of Regulation (EU) No 600/2014)
  3. Article 11 Standard market size(Article 14(2) and (4) of Regulation (EU) No 600/2014)

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

  1. Article 12 Post-trade transparency obligations(Article 6(1) and Article 20(1) and (2) of Regulation (EU) No 600/2014)
  2. Article 13 Application of post-trade transparency to certain types of transactions executed outside a trading venue(Article 20(1) of Regulation (EU) No 600/2014)
  3. Article 14 Real time publication of transactions(Article 6(1) of Regulation (EU) No 600/2014)
  4. Article 15 Deferred publication of transactions(Article 7(1) and 20(1) and (2) of Regulation (EU) No 600/2014)
  5. Article 16 References to trading day and daily trading hours

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

  1. Article 17 Methodology, date of publication and date of application of the transparency calculations(Article 22(1) of Regulation (EU) No 600/2014)
  2. Article 18 Reference to competent authorities(Article 22(1) of Regulation (EU) No 600/2014)
  3. Article 19 Transitional provisions
  4. Article 20 Entry into force and application
  1. Annex I Information to be made public
  2. Annex II Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays
  3. Annex III Reference data to be provided for the purpose of transparency calculations