{
  "url": "https://openlegislation.uk/eu-regulation-2017-587/annex-II",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-587/annex-II.json",
  "legislation": "eur/2017/587",
  "legislation_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)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2017-587",
  "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",
  "text": "Table 1\nOrders large in scale compared with normal market size for shares and depositary receipts\nAverage daily turnover (ADT) in EUR\nADT < 50 000\n50 000 ≤ ADT < 100 000\n100 000 ≤ ADT < 500 000\n500 000 ≤ ADT < 1 000 000\n1 000 000 ≤ ADT < 5 000 000\n5 000 000 ≤ ADT < 25 000 000\n25 000 000 ≤ ADT < 50 000 000\n50 000 000 ≤ ADT < 100 000 000\nADT ≥ 100 000 000\nMinimum size of orders qualifying as large in scale compared with normal market size in EUR\n15 000\n30 000\n60 000\n100 000\n200 000\n300 000\n400 000\n500 000\n650 000\nTable 2\nOrders large in scale compared with normal market size certificates and other similar financial instruments\nAverage daily turnover (ADT) in EUR\nADT < 50 000\nADT ≥ 50 000\nMinimum size of orders qualifying as large in scale compared with normal market size in EUR\n15 000\n30 000\nTable 3\nStandard market sizes\nAverage value of transactions (AVT) in EUR\nAVT < 20 000\n20 000 ≤ AVT < 40 000\n40 000 ≤ AVT < 60 000\n60 000 ≤ AVT < 80 000\n80 000 ≤ AVT < 100 000\n100 000 ≤ AVT < 120 000\n120 000 ≤ AVT < 140 000\nEtc.\nStandard market size\n10 000\n30 000\n50 000\n70 000\n90 000\n110 000\n130 000\nEtc.\nTable 4\nDeferred publication thresholds and delays for shares and depositary receipts\nAverage daily turnover (ADT) in EUR\nMinimum qualifying size of transaction for permitted delay in EUR\nTiming of publication after the transaction\n> 100 m\n10 000 000\n60 minutes\n20 000 000\n120 minutes\n35 000 000\nEnd of the trading day\n50 m-100 m\n7 000 000\n60 minutes\n15 000 000\n120 minutes\n25 000 000\nEnd of the trading day\n25 m-50 m\n5 000 000\n60 minutes\n10 000 000\n120 minutes\n12 000 000\nEnd of the trading day\n5 m-25 m\n2 500 000\n60 minutes\n4 000 000\n120 minutes\n5 000 000\nEnd of the trading day\n1 m-5 m\n450 000\n60 minutes\n750 000\n120 minutes\n1 000 000\nEnd of the trading day\n500 000-1 m\n75 000\n60 minutes\n150 000\n120 minutes\n225 000\nEnd of the trading day\n100 000-500 000\n30 000\n60 minutes\n80 000\n120 minutes\n120 000\nEnd of the trading day\n50 000-100 000\n15 000\n60 minutes\n30 000\n120 minutes\n50 000\nEnd of the trading day\n< 50 000\n7 500\n60 minutes\n15 000\n120 minutes\n25 000\nEnd of the next trading day\nTable 5\nDeferred publication thresholds and delays for ETFs\nMinimum qualifying size of transaction for permitted delay in EUR\nTiming of publication after the transaction\n10 000 000\n60 minutes\n50 000 000\nEnd of the trading day\nTable 6\nDeferred publication thresholds and delays for certificates and other similar financial instruments\nAverage daily turnover (ADT) in EUR\nMinimum qualifying size of transaction for permitted delay in EUR\nTiming of publication after the transaction\nADT < 50 000\n15 000\n120 minutes\n30 000\nEnd of the trading day\nADT ≥ 50 000\n30 000\n120 minutes\n60 000\nEnd of the trading day",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/587/annex/II",
    "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."
}