What changes on 05/06/2023

The text in force from 09/04/2019 compared with the text from 05/06/2023, which includes the changes made by Commission Delegated Regulation (EU) 2023/944.

Read the act as of 05/06/2023 · other versions: 09/04/2019 · 01/01/2024 · 23/11/2025 · 02/03/2026

Chapter I

• amended Article 1 - Definitions

Chapter II › Section 1

• amended Article 3 - Pre-trade transparency obligations(Article 3(1) and (2) of Regulation (EU) No 600/2014)
• amended Article 4 - Most relevant market in terms of liquidity(Article 4(1)(a) of Regulation (EU) No 600/2014)
• amended Article 5 - Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)
• amended Article 7 - Orders that are large in scale(Article 4(1)(c) of Regulation (EU) No 600/2014)
• amended Article 8 - Type and minimum size of orders held in an order management facility(Article 4(1)(d) of Regulation (EU) No 600/2014)

Chapter II › Section 2

• amended Article 9 - Arrangements for the publication of a firm quote(Article 14(1) of Regulation (EU) No 600/2014)
• amended Article 11 - Standard market size(Article 14(2) and (4) of Regulation (EU) No 600/2014)

Chapter III

• amended Article 12 - Post-trade transparency obligations(Article 6(1) and Article 20(1) and (2) of Regulation (EU) No 600/2014)
• amended Article 14 - Real time publication of transactions(Article 6(1) of Regulation (EU) No 600/2014)
• amended Article 15 - Deferred publication of transactions(Article 7(1) and 20(1) and (2) of Regulation (EU) No 600/2014)

Chapter IV

• amended Article 17 - Methodology, date of publication and date of application of the transparency calculations(Article 22(1) of Regulation (EU) No 600/2014)
• amended Article 18 - Reference to competent authorities(Article 22(1) of Regulation (EU) No 600/2014)
• amended Article 20 - Entry into force and application

Outside any heading

• inserted Annex IV - Data to be provided for the purpose of determining the Most Relevant Market in terms of liquidity, the ADT and the AVT
• amended Annex II - Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays