# 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 4: References to trading day

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

1. A reference to a trading day in relation to a trading venue, or in relation to post-trade information to be made public under Article 30 or 45 of Directive 2004/39/EC in relation to a share, shall be a reference to any day during which the trading venue concerned is open for trading.
A reference to the opening of the trading day shall be a reference to the commencement of the normal trading hours of the trading venue.
A reference to noon on the trading day shall be a reference to noon in the time zone where the trading venue is established.
A reference to the end of the trading day shall be a reference to the end of its normal trading hours.
2. A reference to a trading day in relation to the most relevant market in terms of liquidity for a share, or in relation to post-trade information to be made public under Article 28 of Directive 2004/39/EC in relation to a share, shall be a reference to any day of normal trading on trading venues in that market.
A reference to the opening of the trading day shall be a reference to the earliest commencement of normal trading in that share on trading venues in that market.
A reference to noon on the trading day shall be a reference to noon in the time zone of that market.
A reference to the end of the trading day shall be a reference to the latest cessation of normal trading in that share on trading venues in that market.
3. A reference to a trading day in relation to a spot contract, within the meaning of Article 38(2), shall be a reference to any day of normal trading of that contract on trading venues.

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Source: https://www.legislation.gov.uk/eur/2006/1287/article/4 (the official version)
Page: https://openlegislation.uk/eu-regulation-2006-1287/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.