Transactions not contributing to the price discovery process
(Article 23(1) of Regulation (EU) No 600/2014)
A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:
(a)the transaction is executed by reference to a price that is calculated over multiple time instances accordingbased toon 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)the transaction is part of a portfolio trade which includes five or more different shares;
(c)the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;
(j)the transaction doesis not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014600/2014, as determined on the basis of the criteria laid down in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (^{2}).(^{2}), or is a type of transaction listed in Article 13 of this Regulation.