Preamble
Recitals 55
Title I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-2) 2
Title II - TRANSPARENCY FOR TRADING VENUES (Article 3-13) 14
Title III - TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS (Article 14-23a) 14
Title IV - TRANSACTION REPORTING (Article 24-27) 4
Title IVA - DATA REPORTING SERVICES (Article 27a-27i) 12
Title V - DERIVATIVES (Article 28-34) 8
Title VI - NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS (Article 35-38) 4
Title VIA - ESMA POWERS AND COMPETENCES (Article 38a-38o) 15
Title VII - SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS (Article 39-45) 8
Title VIII - PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH (Article 46-49) 4
Title IX - DELEGATED AND IMPLEMENTING ACTS (Article 50-51) 2
Title X - FINAL PROVISIONS (Article 52-55) 6
Amending acts 9

liquidity fragmentation

Definitions over time (1)

02/07/2014 – today applies on 12/11/2026 Article 2, Regulation (EU) No 600/2014 (MIFIR) Scope: Whole act

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

‘liquidity fragmentation’ means a situation in which: participants in a trading venue are unable to conclude a transaction with one or more other participants in that venue because of the absence of clearing arrangements to which all participants have access; or a clearing member or its clients would be forced to hold their positions in a financial instrument in more than one CCP which would limit the potential for the netting of financial exposures;