# Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (Text with EEA relevance), Article 23: (Fourth subparagraph of Article 27(1) of Directive 2004/39/EC)Standard market size

Extent: E+W+S+N.I.

In order to determine the standard market size for liquid shares, those shares shall be grouped into classes in terms of the average value of orders executed in accordance with Table 3 in Annex II.

---
Source: https://www.legislation.gov.uk/eur/2006/1287/article/23 (the official version)
Page: https://openlegislation.uk/eu-regulation-2006-1287/article-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.