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Preamble
Recitals 28
Chapter I - GENERAL (Article 1-6) 6
Chapter II - RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS (Article 7-8) 2
Chapter III - TRANSACTION REPORTING (Article 9-16) 8
Chapter IV - MARKET TRANSPARENCY (Article 17-34) 18
- Section 1 - Pre-trade transparency for regulated markets and MTFs (Article 17-20) 4
- Section 2 - Pre-trade transparency for systematic internalisers (Article 21-26) 6
- Section 3 - Post-trade transparency for regulated markets, MTFs and investment firms (Article 27-28) 2
- Section 4 - Provisions common to pre- and post-trade transparency (Article 29-34) 6
Chapter V - ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING (Article 35-37) 3
Chapter VI - DERIVATIVE FINANCIAL INSTRUMENTS (Article 38-39) 2
Chapter VII - FINAL PROVISIONS (Article 40-41) 2
Annexes 2
- Annex I
- Annex II

Article 23 - (Fourth subparagraph of Article 27(1) of Directive 2004/39/EC) Standard market size

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Article 23

(Fourth subparagraph of Article 27(1) of Directive 2004/39/EC) Standard market size

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In order to determine the standard market size for liquid shares, those shares shall be grouped into classes in terms of the average value of orders executed in accordance with Table 3 in Annex II.

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