Commission Delegated Regulation (EU) 2026/392 of 20 February 2026 amending the regulatory …
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art_1
#art_1
Article 1
Delegated Regulation (EU) 2017/577 is amended as follows:
| (1) | in Article 1, paragraph 1 is amended as follows:(a)point (e) is deleted;(b)points (f) and (g) are replaced by the following:‘(f)the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments;(g)for equity and equity-like instruments, the total volume of trading in the Union per financial instrument in the previous 12 months and the percentages of trading in each financial instrument carried out across the Union under the waiver referred to in Article 4(1), point (a), of Regulation (EU) No 600/2014 in the previous 12 months;’; |
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| (a) | point (e) is deleted; |
| (b) | points (f) and (g) are replaced by the following:‘(f)the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments;(g)for equity and equity-like instruments, the total volume of trading in the Union per financial instrument in the previous 12 months and the percentages of trading in each financial instrument carried out across the Union under the waiver referred to in Article 4(1), point (a), of Regulation (EU) No 600/2014 in the previous 12 months;’; |
| ‘(f) | the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments; |
| (g) | for equity and equity-like instruments, the total volume of trading in the Union per financial instrument in the previous 12 months and the percentages of trading in each financial instrument carried out across the Union under the waiver referred to in Article 4(1), point (a), of Regulation (EU) No 600/2014 in the previous 12 months;’; |
| (2) | Article 2 is replaced by the following:‘Article 2Content of the data requests and information to be reported1. For the calculations that occur at pre-set dates or in pre-defined frequencies, trading venues, APAs, and CTPs shall provide ESMA and their competent authorities with all the data required to perform the calculations set out in the following Regulations:(a)Delegated Regulation (EU) 2017/587;(b)Delegated Regulation (EU) 2017/583;(c)Delegated Regulation (EU) 2017/567.2. Requests by ESMA and competent authorities for ad-hoc information for the purposes of Article 22(1) of Regulation (EU) No 600/2014 shall contain the name of the reporting entity and any details necessary for the purpose of the request.3. Trading venues, APAs, and CTPs shall upon request provide ESMA and their competent authorities with all the data ESMA is to take into consideration pursuant to Delegated Regulation (EU) 2016/2020 for non-equity financial instruments, including data on the following:(a)the average frequency of trades;(b)the average size and distribution of trades;(c)the number and type of market participants;(d)the average size of spreads.’; |
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| (a) | Delegated Regulation (EU) 2017/587; |
| (b) | Delegated Regulation (EU) 2017/583; |
| (c) | Delegated Regulation (EU) 2017/567. |
| (a) | the average frequency of trades; |
| (b) | the average size and distribution of trades; |
| (c) | the number and type of market participants; |
| (d) | the average size of spreads.’ |
| (3) | in Article 3, paragraph 3 is deleted; |
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| (4) | Articles 4 and 5 are replaced by the following:‘Article 4Format of the data requests1. Trading venues, APAs, and CTPs shall submit the data referred to in Article 2(1) in a common XML format.2. Trading venues, APAs, and CTPs shall submit the data referred to in Article 2, (2) and (3), in the format specified in the request.Article 5Type of data that must be stored and the period of time trading venues, APAs, and CTPs shall store data1. Trading venues, APAs, and CTPs shall store all data required to perform the calculations referred to in Article 2(1) for five years, regardless of whether that information has been made public.2. Trading venues, APAs, and CTPs shall store all data which ESMA or competent authorities may request in accordance with Article 2, (2) and (3), for five years, regardless of whether that information has been made public.’; |
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| (5) | Article 6 is deleted; |
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| (6) | Article 7 is amended as follows:(a)the title is replaced by the following:‘Article 7Reporting requirements for trading venues, APAs, and CTPs to ESMA for the trading obligation for derivatives’;(b)paragraph 1 is deleted;(c)paragraph 2 is replaced by the following:‘2. Trading venues, APAs, and CTPs shall, without undue delay and no later than three working days following the receipt of the data concerned, submit to ESMA the data for the determination of whether derivatives are sufficiently liquid as referred to in Article 1(1), point (h).’; |
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| (a) | the title is replaced by the following:‘Article 7Reporting requirements for trading venues, APAs, and CTPs to ESMA for the trading obligation for derivatives’; |
| (b) | paragraph 1 is deleted; |
| (c) | paragraph 2 is replaced by the following:‘2. Trading venues, APAs, and CTPs shall, without undue delay and no later than three working days following the receipt of the data concerned, submit to ESMA the data for the determination of whether derivatives are sufficiently liquid as referred to in Article 1(1), point (h).’; |
| (7) | Article 8 is replaced by the following:‘Article 8Publication requirements for ESMA for the volume cap1. ESMA shall publish the measurements of the total volume of trading for each financial instrument in the previous 12 months and of the percentages of trading under the reference price waiver across the Union in the previous 12 months, in accordance with Article 5(4) of Regulation (EU) No 600/2014, by no later than 22:00 CET on the seventh working day after the end of March, June, September and December of each calendar year.2. The information referred to in paragraph 1 shall be published free of charge and in a machine-readable and human-readable format as defined in Article 2, point (4), of Regulation (EU) 2023/2859 of the European Parliament and of the Council(*1) and as specified in Article 13(5) of Delegated Regulation (EU) 2017/567.3. Where a financial instrument is traded in more than one currency across the Union, ESMA shall convert all volumes into euros using average exchange rates calculated on the basis of the daily euro foreign exchange reference rates published by the European Central Bank on its website in the previous 12 months. ESMA shall use those converted volumes for the calculation and publication of the total volume of trading and of the percentages of trading under the reference price waiver across the Union as referred to in paragraph 1.(*1) Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).’;" () Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).’; |
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| (8) | the Annex is deleted. |
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art_2
#art_2
Article 2
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Provenance and validity dates, identifier, hash
| as of | 2026-02-20 → this version applied |
| valid | 2026-02-20 → open publisher-asserted |
| type | REG_DEL Commission Delegated Regulation (EU) 2026/392 of 20 February 2026 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/577 as regards the volume cap and the provision of information for the purposes of transparency and other calculations |
| language | en |
| published | 2026-02-20 |
| lex_id | eu-eurlex:32026r0392:2026-02-20 |
| record sha256 | cf53e03993107fd8ae9be7fde8bb897ab6b846e2cc0fae0b532fb529c703cd92 |
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