{
  "url": "https://openlegislation.uk/eu-regulation-2017-587",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-587.json",
  "id": "eur/2017/587",
  "title": "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)",
  "short_title": "Regulation (EU) 2017/587 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the…",
  "long_title": "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)",
  "citation": "EU Regulation 2017/587",
  "type": "eur",
  "year": "2017",
  "number": "587",
  "version": "current",
  "date": "2016-07-14",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "GENERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Transactions not contributing to the price discovery process(Article 23(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "PRE-TRADE TRANSPARENCY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/II/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Pre-trade transparency for trading venues",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Pre-trade transparency obligations(Article 3(1) and (2) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Most relevant market in terms of liquidity(Article 4(1)(a) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Negotiated transactions subject to conditions other than the current market price(Article 4(1)(b) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Orders that are large in scale(Article 4(1)(c) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Type and minimum size of orders held in an order management facility(Article 4(1)(d) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "chapter/II/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Pre-trade transparency for systematic internalisers and investment firms trading outside a trading venue",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Arrangements for the publication of a firm quote(Article 14(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Prices reflecting prevailing market conditions (Article 14(3) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Standard market size(Article 14(2) and (4) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "POST-TRADE TRANSPARENCY FOR TRADING VENUES AND INVESTMENT FIRMS TRADING OUTSIDE A TRADING VENUE",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Post-trade transparency obligations(Article 6(1) and Article 20(1) and (2) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Application of post-trade transparency to certain types of transactions executed outside a trading venue(Article 20(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Real time publication of transactions(Article 6(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Deferred publication of transactions(Article 7(1) and 20(1) and (2) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "References to trading day and daily trading hours",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "chapter/IV",
      "kind": "chapter",
      "number": "IV",
      "heading": "PROVISIONS COMMON TO PRE-TRADE AND POST-TRADE TRANSPARENCY CALCULATIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Methodology, date of publication and date of application of the transparency calculations(Article 22(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Reference to competent authorities(Article 22(1) of Regulation (EU) No 600/2014)",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Transitional provisions",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Entry into force and application",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I",
      "kind": "annex",
      "number": "I",
      "heading": "Information to be made public",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/annex-I",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/II",
      "kind": "annex",
      "number": "II",
      "heading": "Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/annex-II",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/III",
      "kind": "annex",
      "number": "III",
      "heading": "Reference data to be provided for the purpose of transparency calculations",
      "url": "https://openlegislation.uk/eu-regulation-2017-587/annex-III",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    }
  ],
  "outstanding_effects": [
    {
      "type": "revoked",
      "affected_provisions": "Regulation",
      "affecting": "ukpga/2023/29",
      "affecting_title": "Financial Services and Markets Act 2023",
      "affecting_provisions": "Sch. 1 Pt. 1 3"
    }
  ],
  "made_under": [],
  "changes_made_to": 3,
  "changes_made_to_url": "https://openlegislation.uk/eu-regulation-2017-587/changes.json",
  "changes_made_by": 0,
  "changes_made_by_url": "https://openlegislation.uk/eu-regulation-2017-587/changes/by-it.json",
  "instruments_made_under": 0,
  "instruments_made_under_url": "https://openlegislation.uk/eu-regulation-2017-587/instruments.json",
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/587",
    "retrieved_at": "2026-11-01T14:45:05.013628+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}