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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 DefinitionsArticle 2 Transactions not contributing to the price discovery processChapter II Pre-trade Transparency (arts. 3-11)Section 1 Pre-trade transparency for trading venues (arts. 3-8)Article 3 Pre-trade transparency obligationsArticle 4 Most relevant market in terms of liquidityArticle 5 Specific characteristics of negotiated transactionsArticle 6 Negotiated transactions subject to conditions other than the current market priceArticle 7 Orders that are large in scaleArticle 8 Type and minimum size of orders held in an order management facilitySection 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 quoteArticle 10 Prices reflecting prevailing market conditionsArticle 11 Standard market sizeChapter III Post-trade Transparency for Trading Venues and Investment Firms Trading Outside a Trading Venue (arts. 12-16)Article 12 Post-trade transparency obligationsArticle 13 Application of post-trade transparency to certain types of transactions executed outside a trading venueArticle 14 Real time publication of transactionsArticle 15 Deferred publication of transactionsArticle 16 References to trading day and daily trading hoursChapter 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 calculationsArticle 18 Reference to competent authoritiesArticle 19 Transitional provisionsArticle 20 Entry into force and applicationAnnex I Information to be made publicAnnex II Orders large in scale compared with normal market size, standard market sizes and deferred publications and delaysAnnex III Reference data to be provided for the purpose of transparency calculationsAnnex IV Data to be provided for the purpose of determining the Most Relevant Market in terms of liquidity, the ADT and the AVTDone at
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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2024 - onwards
Version 5 of 5

Article 6 Negotiated transactions subject to conditions other than the current market price

(Article 4(1)(b) of Regulation (EU) No 600/2014)

A negotiated transaction in shares, depositary receipts, ETFs, certificates and other similar financial instruments shall be subject to conditions other than the current market price of the financial instrument where any of the following circumstances applies:

(a) the transaction is executed in reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;

(b) the transaction is part of a portfolio trade;

(c) the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot;

(d) [deleted]

(e) [deleted]

(f) [deleted]

(g) [deleted]

(h) [deleted]

(i) [deleted]

(j) any other transaction equivalent to one of those described in points (a) to (i) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded.

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