Commission Delegated Regulation (EU) 2025/1246 of 18 June 2025 amending the regulatory tec…
as it stood on 2025-06-18, permalink: /eu-eurlex/32025r1246/2025-06-18
Point-in-time view as at 2025-06-18. This version has been
superseded, it applied 2025-06-18 → open. Jump to the
version in force today or see
exactly what changed next.
Text included, per-article reading view.
Deterministic extraction of the verbatim retrieved document; each article carries its own hash and anchor.
© European Union, 1998-2026. Reuse permitted with attribution under Commission Decision 2011/833/EU. Consolidated texts have no legal effect; only acts published in the Official Journal are authentic.
art_1
#art_1
Article 1
Delegated Regulation (EU) 2017/583 is amended as follows:
| (1) | Article 1 is replaced by the following:‘Article 1Definitions(Article 9(5), point (f), of Regulation (EU) No 600/2014)For the purposes of this Regulation, the following definitions shall apply:(1)“central limit order book trading system” means any of the following:(a)a continuous order book trading 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;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);(2)“periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’; |
|---|---|
| (1) | “central limit order book trading system” means any of the following:(a)a continuous order book trading 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;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); |
| (a) | a continuous order book trading 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; |
| (b) | a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); |
| (2) | “periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’ |
| (2) | the following Article 1a is inserted:‘Article 1aScope of application of Articles 3, 6, 8, 9, 10, 11 and 131. Articles 3, 6, 9, 10, 11 and 13 shall apply only in respect of derivatives. Article 8 shall apply only in respect of derivatives and package transactions.2. References to Article 11 of Regulation (EU) No 600/2014 in Articles 8 and 11 of this Regulation shall be construed as references to Article 11 of Regulation (EU) No 600/2014 as applicable before 28 March 2024.’; |
|---|
| (3) | the following Article 3a is inserted:‘Article 3aOrders which are large in scale for bonds, structured finance products and emission allowances(Article 9(1), point (a), of Regulation (EU) No 600/2014)An order in bonds, structured finance products or emission allowances shall be large in scale compared with normal market size where, at the point of entry of the order or following any amendment to the order, that order is equal to or larger than the following thresholds:(a)for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;(b)for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;(c)for structured finance products, the thresholds set out in Table 3.2 of Annex III;(d)for emission allowances, the thresholds set out in Table 12.2 of Annex III.’; |
|---|---|
| (a) | for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III; |
| (b) | for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III; |
| (c) | for structured finance products, the thresholds set out in Table 3.2 of Annex III; |
| (d) | for emission allowances, the thresholds set out in Table 12.2 of Annex III.’ |
| (4) | Article 5 is deleted; |
|---|
| (5) | the following Article 6a is inserted:‘Article 6aThe classes of bonds, structured finance products and emission allowances for which there is not a liquid market(Article 9(1), point (c), of Regulation (EU) No 600/2014)To determine whether a bond, structured finance product or emission allowance is to be considered not to have a liquid market, competent authorities shall apply the following static determination of liquidity:(a)for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;(b)for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;(c)for structured finance products, the determination set out in Table 3.1 of Annex III;(d)for emission allowances, the determination set out in Table 12.1 of Annex III.’; |
|---|---|
| (a) | for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III; |
| (b) | for ETCs and ETNs, the determination set out in Table 2.4 of Annex III; |
| (c) | for structured finance products, the determination set out in Table 3.1 of Annex III; |
| (d) | for emission allowances, the determination set out in Table 12.1 of Annex III.’ |
| (6) | Article 7 is amended as follows:(a)in paragraph 1, the following subparagraph is added: ‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;(b)paragraph 4 is replaced by the following:‘4. Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’;(c)paragraphs 5 and 6 are deleted;(d)paragraph 8 is replaced by the following:‘8. Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’; |
|---|---|
| (a) | in paragraph 1, the following subparagraph is added: ‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’; |
| (b) | paragraph 4 is replaced by the following:‘4. Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’; |
| (c) | paragraphs 5 and 6 are deleted; |
| (d) | paragraph 8 is replaced by the following:‘8. Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’; |
| (7) | the following Article 8a is inserted:‘Article 8aDeferred publication of transactions for bonds, structured finance products and emission allowances(Article 11 of Regulation (EU) No 600/2014)1. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of bonds, except ETCs and ETNs, in accordance with the following:(a)a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;(b)a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;(c)a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;(d)a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;(e)a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.2. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of ETCs, ETNs and structured finance products in accordance with the following:(a)a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and(b)a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.3. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction in respect of emission allowances no later than 19:00 local time on the second working day after the date of the transaction, provided that the transaction is above the post-trade size for emission allowances as referred to in Table 12.2 of Annex III.’; |
|---|---|
| (a) | a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III; |
| (b) | a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III; |
| (c) | a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III; |
| (d) | a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III; |
| (e) | a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III. |
| (a) | a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and |
| (b) | a volume deferral not exceeding two weeks after the transaction date, for transactions of any size. |
| (8) | Article 11 is amended as follows:(a)in paragraph 1, point (d) is deleted;(b)in paragraph 2, points (b) and (c) are deleted;(c)paragraph 4 is replaced by the following:‘4. The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’;(d)paragraph 6 is replaced by the following:‘6. Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’; |
|---|---|
| (a) | in paragraph 1, point (d) is deleted; |
| (b) | in paragraph 2, points (b) and (c) are deleted; |
| (c) | paragraph 4 is replaced by the following:‘4. The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’; |
| (a) | the weighted average price; |
| (b) | the total volume traded as referred to in Table 4 of Annex II; |
| (c) | the total number of transactions.’ |
| (d) | paragraph 6 is replaced by the following:‘6. Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’; |
| (9) | the following Article 11a is inserted:‘Article 11aTransparency requirements for sovereign debt instruments in conjunction with deferred publication at the discretion of competent authorities(Article 11(3) of Regulation (EU) No 600/2014)1. The publication of the details of several transactions in an aggregated form as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014 shall cover transactions that have been executed over the course of one calendar week and shall be made on the following Tuesday before 09:00 local time.2. The aggregated weekly data referred to in paragraph 1 shall contain the following information in respect of each week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.3.Transactions shall be aggregated per ISIN-code.4.Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’; |
|---|---|
| (a) | the weighted average price; |
| (b) | the total volume traded as referred to in Table 4 of Annex II; |
| (c) | the total number of transactions. |
| 3. | Transactions shall be aggregated per ISIN-code. |
| 4. | Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’ |
| (10) | Article 13 is amended as follows:(a)paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted;(b)paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following: ‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following: ‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted;(c)paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;(d)in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;(e)paragraph 7 is replaced by the following:‘7. For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’;(f)paragraph 8 is replaced by the following:‘8. The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;(g)paragraph 10 is deleted;(h)paragraph 11 is replaced by the following:‘11. For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’;(i)in paragraph 12, the introductory wording is replaced by the following: ‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;(j)paragraphs 14 and 15 are replaced by the following:‘14. For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15. Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’;(k)paragraphs 18, 19 and 20 are deleted; |
|---|---|
| (a) | paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted; |
| (i) | in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; |
| ‘(iv) | the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; |
| (ii) | in point (b), points (i), (ii) and (ix) are deleted; |
| (iii) | point (d) is deleted; |
| (b) | paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following: ‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following: ‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; |
| (i) | the introductory wording is replaced by the following: ‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’; |
| (ii) | point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; |
| (1) | point (i) is deleted; |
| (2) | point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; |
| ‘(vi) | each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; |
| (3) | points (vii) and (viii) are deleted; |
| (iii) | point (b) is amended as follows:(1)the introductory wording is replaced by the following: ‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; |
| (1) | the introductory wording is replaced by the following: ‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; |
| (2) | point (i) is deleted; |
| (3) | point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; |
| ‘(iii) | each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; |
| (4) | point (iv) is deleted; |
| (c) | paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; |
| (i) | point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; |
| (1) | point (i) is deleted; |
| (2) | point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; |
| ‘(vi) | each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; |
| (3) | points (vii) and (viii) are deleted; |
| (ii) | point (b) is deleted; |
| (iii) | point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; |
| ‘(d) | the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; |
| (d) | in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; |
| ‘(b) | the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; |
| (e) | paragraph 7 is replaced by the following:‘7. For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’; |
| (f) | paragraph 8 is replaced by the following:‘8. The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’; |
| (g) | paragraph 10 is deleted; |
| (h) | paragraph 11 is replaced by the following:‘11. For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’; |
| (i) | in paragraph 12, the introductory wording is replaced by the following: ‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’; |
| (j) | paragraphs 14 and 15 are replaced by the following:‘14. For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15. Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’; |
| (k) | paragraphs 18, 19 and 20 are deleted; |
| (11) | Article 16 is replaced by the following:‘Article 16Temporary suspension of transparency obligations(Article 9(4) of Regulation (EU) No 600/2014)1. For financial instruments for which there is a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations set out in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 40 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.2. For financial instruments for which there is not a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations referred to in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 20 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.3. Competent authorities shall take into account the transactions executed on all venues in the Union for the class of bonds, structured finance products, emission allowances or derivatives concerned when performing the calculations referred to in paragraphs 1 and 2. Competent authorities shall perform those calculations at the level of the class of financial instruments to which the liquidity test set out in Article 6a for bonds, structured finance products and emission allowances, and Article 13 for derivatives is applied.4. Competent authorities, shall, before they suspend transparency obligations, verify that the significant decline in liquidity across all venues is not the result of seasonal effects of the relevant class of financial instruments on liquidity.’ ; |
|---|
| (12) | Articles 17 and 18 are deleted; |
|---|
| (13) | Annex I is replaced by Annex I to this Regulation; |
|---|
| (14) | Annex II is amended in accordance with Annex II to this Regulation; |
|---|
| (15) | Annex III is amended in accordance with Annex III to this Regulation. |
|---|
art_2
#art_2
Article 2
Delegated Regulation (EU) 2017/587 is amended as follows:
| (1) | Article 2 is amended as follows:(a)point (a) is replaced by the following:‘(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)point (j) is replaced by the following:‘(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(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1) Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI: http://data.europa.eu/eli/reg_del/2017/590/oj).’;" |
|---|---|
| (a) | point (a) is replaced by the following:‘(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;’; |
| ‘(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) | point (j) is replaced by the following:‘(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(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1) Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI: http://data.europa.eu/eli/reg_del/2017/590/oj).’;" |
| ‘(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(*1), or is a type of transaction listed in Article 13 of this Regulation. |
| (2) | in Article 3(1), the following subparagraph is added: ‘The details of pre-trade data to be made public shall be those specified in Table 1b of Annex I.’; |
|---|
| (3) | Article 4 is amended as follows:(a)paragraph 4 is replaced by the following:‘4. Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’;(b)paragraph 5 is replaced by the following:‘5. Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;(c)the following paragraph 6 is added:‘6. The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’; |
|---|---|
| (a) | paragraph 4 is replaced by the following:‘4. Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’; |
| (a) | the regulated market where that financial instrument is first admitted to trading or first traded; |
| (b) | where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’ |
| (b) | paragraph 5 is replaced by the following:‘5. Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’; |
| (c) | the following paragraph 6 is added:‘6. The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’; |
| (4) | in Article 6, the first subparagraph is amended as follows:(a)point (a) is replaced by the following:‘(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)point (j) is replaced by the following:‘(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;’;(c)point (k) is replaced by the following:‘(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.’; |
|---|---|
| (a) | point (a) is replaced by the following:‘(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;’; |
| ‘(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) | point (j) is replaced by the following:‘(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;’; |
| ‘(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;’; |
| (c) | point (k) is replaced by the following:‘(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.’; |
| ‘(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.’; |
| (5) | Article 7 is amended as follows:(a)in paragraph 4, the second subparagraph is replaced by the following: ‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;(b)paragraph 6 is replaced by the following:‘6. Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’ ; |
|---|---|
| (a) | in paragraph 4, the second subparagraph is replaced by the following: ‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’; |
| (b) | paragraph 6 is replaced by the following:‘6. Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’ ; |
| (a) | any previous trading history of that financial instrument; |
| (b) | other previous or similar financial instruments of the same issuer; |
| (c) | other financial instruments that are considered to have similar characteristics. |
| (6) | Article 8 is amended as follows:(a)in paragraph 1, point (b) is replaced by the following:‘(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;’;(b)paragraph 3 is replaced by the following:‘3. A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’; |
|---|---|
| (a) | in paragraph 1, point (b) is replaced by the following:‘(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;’; |
| ‘(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;’; |
| (b) | paragraph 3 is replaced by the following:‘3. A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’; |
| (7) | in Article 10, the following subparagraph is inserted after the first subparagraph: ‘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.’; |
|---|
| (8) | in Article 11, paragraph 1 is replaced by the following:‘1. The standard market size for shares, depositary receipts, ETFs, certificates, and other similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument calculated in accordance with paragraphs 2 and 3 and in accordance with Table 3 and Table 3a of Annex II.’; |
|---|
| (9) | the following Articles 11a and 11b are inserted:‘Article 11aQuote 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 11bMinimum 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.’; |
|---|
| (10) | Article 12 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’;(b)paragraph 2 is replaced by the following:‘2. Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’;(c)paragraphs 5 and 6 are deleted; |
|---|---|
| (a) | paragraph 1 is replaced by the following:‘1. Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’; |
| (b) | paragraph 2 is replaced by the following:‘2. Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’; |
| (c) | paragraphs 5 and 6 are deleted; |
| (11) | in Article 13, the following point (b) is added:‘(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.’; |
|---|---|
| ‘(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.’; |
| (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.’; |
| (12) | in Article 15, paragraph 4 is replaced by the following:‘4. Where a transaction between two investment firms is executed outside the rules of a trading venue, the competent authority for the purpose of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with Article 21a(3) of Regulation (EU) No 600/2014.’; |
|---|
| (13) | Article 17 is amended as follows:(a)paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following: ‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;(b)paragraph 2 is replaced by the following:‘2. Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;(c)paragraph 7 is replaced by the following:‘7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’; |
|---|---|
| (a) | paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following: ‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; |
| (i) | the introductory wording is replaced by the following: ‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’; |
| (ii) | point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; |
| ‘(c) | the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; |
| (b) | paragraph 2 is replaced by the following:‘2. Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’; |
| (c) | paragraph 7 is replaced by the following:‘7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’; |
| (14) | Article 19 is replaced by the following:‘Article 19Sunset clauseArticle 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.’; |
|---|
| (15) | Annex I is amended in accordance with Annex IV to this Regulation; |
|---|
| (16) | Annex II is amended in accordance with Annex V to this Regulation; |
|---|
art_3
#art_3
Article 3
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from 2 March 2026.
Provenance and validity dates, identifier, hash
| as of | 2025-06-18 → this version applied |
| valid | 2025-06-18 → open publisher-asserted |
| type | REG_DEL 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 |
| language | en |
| published | 2025-06-18 |
| lex_id | eu-eurlex:32025r1246:2025-06-18 |
| record sha256 | e887d629edbc02cc646b2a7aff12fcbfc4580ef75c17d6de89cc5622d7bf713c |
New here? What am I looking at?
This is a consolidated text: the original law with every later amendment merged in, as the official publisher produced it for a given date. Laws are amended constantly, so “the law” has no single text, only a text per date. That date is the banner above.
It has no legal force. Only the version published in the official gazette (Mémorial / Official Journal) is authentic, the publishers say so themselves, and so do we. Lex reproduces their text without altering a byte, and links the source on every page. This is legal information, never legal advice: it reports what the text said, never what it means for your situation.
“Valid from → to” = the window in which this text applied. “Open” = still current as far as the publisher has consolidated. Each article carries its own hash so you can prove it was not tampered with , here is how.
timeline next version (2025-06-18) →
| tier | A, publisher-supplied validity dates |
| history begins | publisher |
| index built | 2026-08-07T19:46:23Z · corpus 8d5e859 |
| stamp signature | valid (ECDSA-P256) |