# 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), Annex II: Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays

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

Table 1
Orders large in scale compared with normal market size for shares and depositary receipts
Average daily turnover (ADT) in EUR
ADT < 50 000
50 000 ≤ ADT < 100 000
100 000 ≤ ADT < 500 000
500 000 ≤ ADT < 1 000 000
1 000 000 ≤ ADT < 5 000 000
5 000 000 ≤ ADT < 25 000 000
25 000 000 ≤ ADT < 50 000 000
50 000 000 ≤ ADT < 100 000 000
ADT ≥ 100 000 000
Minimum size of orders qualifying as large in scale compared with normal market size in EUR
15 000
30 000
60 000
100 000
200 000
300 000
400 000
500 000
650 000
Table 2
Orders large in scale compared with normal market size certificates and other similar financial instruments
Average daily turnover (ADT) in EUR
ADT < 50 000
ADT ≥ 50 000
Minimum size of orders qualifying as large in scale compared with normal market size in EUR
15 000
30 000
Table 3
Standard market sizes
Average value of transactions (AVT) in EUR
AVT < 20 000
20 000 ≤ AVT < 40 000
40 000 ≤ AVT < 60 000
60 000 ≤ AVT < 80 000
80 000 ≤ AVT < 100 000
100 000 ≤ AVT < 120 000
120 000 ≤ AVT < 140 000
Etc.
Standard market size
10 000
30 000
50 000
70 000
90 000
110 000
130 000
Etc.
Table 4
Deferred publication thresholds and delays for shares and depositary receipts
Average daily turnover (ADT) in EUR
Minimum qualifying size of transaction for permitted delay in EUR
Timing of publication after the transaction
> 100 m
10 000 000
60 minutes
20 000 000
120 minutes
35 000 000
End of the trading day
50 m-100 m
7 000 000
60 minutes
15 000 000
120 minutes
25 000 000
End of the trading day
25 m-50 m
5 000 000
60 minutes
10 000 000
120 minutes
12 000 000
End of the trading day
5 m-25 m
2 500 000
60 minutes
4 000 000
120 minutes
5 000 000
End of the trading day
1 m-5 m
450 000
60 minutes
750 000
120 minutes
1 000 000
End of the trading day
500 000-1 m
75 000
60 minutes
150 000
120 minutes
225 000
End of the trading day
100 000-500 000
30 000
60 minutes
80 000
120 minutes
120 000
End of the trading day
50 000-100 000
15 000
60 minutes
30 000
120 minutes
50 000
End of the trading day
< 50 000
7 500
60 minutes
15 000
120 minutes
25 000
End of the next trading day
Table 5
Deferred publication thresholds and delays for ETFs
Minimum qualifying size of transaction for permitted delay in EUR
Timing of publication after the transaction
10 000 000
60 minutes
50 000 000
End of the trading day
Table 6
Deferred publication thresholds and delays for certificates and other similar financial instruments
Average daily turnover (ADT) in EUR
Minimum qualifying size of transaction for permitted delay in EUR
Timing of publication after the transaction
ADT < 50 000
15 000
120 minutes
30 000
End of the trading day
ADT ≥ 50 000
30 000
120 minutes
60 000
End of the trading day

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Source: https://www.legislation.gov.uk/eur/2017/587/annex/II (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-587/annex-II
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.