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🔗 Back to Summary. 🇫🇷 French Version: 2017R0587_FR.2. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 1 – Definitions ⬅️ | ➡️ Article 3 – Pre-trade transparency obligations
Références LVL1 <=> LVL2
Level 1 reference(s): 2014R0600_EN.23 > 1
Article 2 - Transactions not contributing to the price discovery process
A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:
(a)
the transaction is executed by reference to a price that is calculated over multiple time instances according to a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price;
(b)
the transaction is part of a portfolio trade which includes five or more different shares;
(c)
the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;
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(j)
the transaction does not constitute a transaction for the purposes of 2014 in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590.