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Recital 5

Recital 5

(5)Pursuant to Article 9(5), point (c), of Regulation (EU) No 600/2014, the Commission is empowered to specify the size of orders that are large in scale compared with normal market size. Article 9(1), point (a), of that Regulation enables competent authorities to waive for such orders the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the size of orders that are large in scale in Article 3 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from that amendment that the determination of whether an order is large in scale, as referred to in Article 9(1), point (a), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 3a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of ‘orders which are large in scale’ for bonds, structured finance products and emission allowances. To achieve a more stable pre-trade transparency regime, those rules should rely on a static determination of ‘orders which are large in scale’.

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