{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2016/908 — RTS — Accepted market practices [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mar/level-2/rts/2016-908-accepted-market-practices/articles/5","url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices/articles/5","title":"Article 5 — Impact on market liquidity and efficiency","family":"l2_unit_view","work_id":"spaces/mar/level-2/rts/2016-908-accepted-market-practices","view_of":"/mar/level-2/rts/2016-908-accepted-market-practices","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Commission Delegated Regulation (EU) 2016/908, OJ L 153, 10.6.2016","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg_del/2016/908/oj/eng","valid_from":"2016-06-11","valid_until":null,"content_id":"b6b6fed963624706","versions":["2016-06-11"],"version_url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices/articles/5/versions/2026-10-26","revision_url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices/articles/5/versions/2026-10-26/rev/b6b6fed963624706","versions_url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices/articles/5/versions","relations_url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices/articles/5/relations","act_url":"https://www.headlesslaw.com/mar/level-2/rts/2016-908-accepted-market-practices#art-5","source_line":"Commission Delegated Regulation (EU) 2016/908 · binding · OJ L 153, 10.6.2016 · dated 26 Feb 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-02-26","entry_into_force":"2016-06-11","locators":{"document_date":"CELLAR 32016R0908 work_date_document","entry_into_force":"CELLAR 32016R0908 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mar/level-2/rts/2016-908-accepted-market-practices","path":"/mar/level-2/rts/2016-908-accepted-market-practices","name":"Commission Delegated Regulation (EU) 2016/908","number":"2016/908","celex":"32016R0908","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance (Text with EEA relevance)","document_date":"2016-02-26"},"position":{"kind":"article","key":"5","index":5,"articles":14,"annexes":1},"prev":{"path":"/mar/level-2/rts/2016-908-accepted-market-practices/articles/4","key":"4","title":"Article 4 — Safeguards of the operations of the market forces and interplay of the forces of supply and demand"},"next":{"path":"/mar/level-2/rts/2016-908-accepted-market-practices/articles/6","key":"6","title":"Article 6 — Impact on the proper functioning of the market"},"act_anchor":"#art-5"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2016/908/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mar/level-2/rts/2016-908-accepted-market-practices.md","unit_text_sha256":"4785aa5a5f298b4738ac3b3846da240adfaf143665842e76e014eb7025af71e9","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mar/level-2/rts/2016-908-accepted-market-practices/art-5","kind":"article","key":"5","heading":"Article 5 — Impact on market liquidity and efficiency","text":"## <a id=\"art-5\"></a>Article 5 — Impact on market liquidity and efficiency\n\nIn determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (c) of Article 13(2) of Regulation (EU) No 596/2014, competent authorities shall assess the impact the market practice has on at least the following elements:\\\n**(a)** volume traded;\n**(b)** number of orders in the order book (order depth);\n**(c)** speed of execution of the transactions;\n**(d)** volume weighted average price of a single session, daily closing price;\n**(e)** bid/offer spread, price fluctuation and volatility;\n**(f)** regularity of quotations or transactions.\n\n","marks":[],"text_hash":"4785aa5a5f298b4738ac3b3846da240adfaf143665842e76e014eb7025af71e9","revision":1}}