liquid market

Defined in Article 4, Directive 2014/65/EU (MIFID II)

Definitions over time (2)

1. 31/12/2019 – today applies on 12/11/2026 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘liquid market’ means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments: the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument; the number and type of market participants, including the ratio of market participants to traded instruments in a particular product; the average size of spreads, where available;

2. 17/09/2014 – 01/07/2016 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘liquid market’ means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments: the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument; the number and type of market participants, including the ratio of market participants to traded instruments in a particular product; the average size of spreads, where available;

Used in (2 places in 2 provisions on 12/11/2026)

Directive 2014/65/EU (MIFID II) (2 in 2)

Article 4 · Article 20