Version status: Applicable | Document consolidation status: Updated to reflect all known changes

Published date: 31 March 2017

Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (Text with EEA relevance) (RTS 1)

	Recitals
	Chapter I General (arts. 1-2)
	Article 1 Definitions
	Article 2 Transactions not contributing to the price discovery process
	Chapter II Pre-trade Transparency (arts. 3-11)
	Section 1 Pre-trade transparency for trading venues (arts. 3-8)
	Article 3 Pre-trade transparency obligations
	Article 4 Most relevant market in terms of liquidity
	Article 5 Specific characteristics of negotiated transactions
	Article 6 Negotiated transactions subject to conditions other than the current market price
	Article 7 Orders that are large in scale
	Article 8 Type and minimum size of orders held in an order management facility
	Section 2 Pre-trade transparency for systematic internalisers and investment firms trading outside a trading venue (arts. 9-11)
	Article 9 Arrangements for the publication of a firm quote
	Article 10 Prices reflecting prevailing market conditions
	Article 11 Standard market size
	Chapter III Post-trade Transparency for Trading Venues and Investment Firms Trading Outside a Trading Venue (arts. 12-16)
	Article 12 Post-trade transparency obligations
	Article 13 Application of post-trade transparency to certain types of transactions executed outside a trading venue
	Article 14 Real time publication of transactions
	Article 15 Deferred publication of transactions
	Article 16 References to trading day and daily trading hours
	Chapter IV Provisions Common to Pre-trade and Post-trade Transparency Calculations (arts. 17-20)
	Article 17 Methodology, date of publication and date of application of the transparency calculations
	Article 18 Reference to competent authorities
	Article 19 Transitional provisions
	Article 20 Entry into force and application
	Annex I Information to be made public
	Annex II Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays
	Annex III Reference data to be provided for the purpose of transparency calculations
	Annex IV Data to be provided for the purpose of determining the Most Relevant Market in terms of liquidity, the ADT and the AVT
	Done at