{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-06-05","held_since":"2023-06-05","gaps":[],"covered":["2017/588 — RTS — Tick size regime [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":"/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2","url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2","title":"Article 2 — Tick size for shares, depositary receipts and exchange-traded funds (Article 49(1) and (2) of Directive 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2023","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0588-20230605","valid_from":"2017-04-20","valid_until":null,"content_id":"052642c85526d7ec","versions":["2017-04-20"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2/versions/2023-06-05","revision_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2/versions/2023-06-05/rev/052642c85526d7ec","versions_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/2/relations","act_url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and#art-2","source_line":"Commission Delegated Regulation (EU) 2017/588 · binding · OJ L 87, 31.3.2017 · dated 14 Jul 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":"2016-07-14","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0588 work_date_document","entry_into_force":"CELLAR 32017R0588 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and","path":"/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and","name":"Commission Delegated Regulation (EU) 2017/588","number":"2017/588","celex":"32017R0588","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the tick size regime for shares, depositary receipts and exchange-traded funds (Text with EEA relevance)","document_date":"2016-07-14"},"position":{"kind":"article","key":"2","index":2,"articles":6,"annexes":1},"prev":{"path":"/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/1","key":"1","title":"Article 1 — Most relevant market in terms of liquidity"},"next":{"path":"/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/articles/3","key":"3","title":"Article 3 — Average daily number of transactions for shares and depositary receipts (Article 49(1) and (2) of Directive 2014/65/EU)"},"act_anchor":"#art-2"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0588-20230605","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and.md","unit_text_sha256":"b5de2d7dbcdaa86a2a73b743d8caa54040707cd3709540f1b4f4925e0bfec9d3","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2017-588-the-tick-size-regime-for-shares-depositary-receipts-and/art-2","kind":"article","key":"2","heading":"Article 2 — Tick size for shares, depositary receipts and exchange-traded funds (Article 49(1) and (2) of Directive 2014/65/EU)","text":"## <a id=\"art-2\"></a>Article 2 — Tick size for shares, depositary receipts and exchange-traded funds (Article 49(1) and (2) of Directive 2014/65/EU)\n\n1. <a id=\"art-2-p-1\"></a>Trading venues shall apply to orders in shares or depositary receipts a tick size which is equal to or greater than the one corresponding to:\n\n    <a id=\"art-2-p-1-a\"></a>**(a)** the liquidity band in the table in the Annex corresponding to average daily number of transactions in the most relevant market in terms of liquidity for that instrument; and\n\n    <a id=\"art-2-p-1-b\"></a>**(b)** the price range in that liquidity band corresponding to the price of the order.\n\n1. <a id=\"art-2-p-2\"></a>By way of derogation from paragraph 1(a), where the most relevant market in terms of liquidity for a share or depositary receipt operates only a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention, trading venues shall apply the liquidity band corresponding to the lowest average daily number of transactions in the table in the Annex.\n1. <a id=\"art-2-p-3\"></a>Trading venues shall apply to orders in exchange-traded funds a tick size which is equal to or greater than the one corresponding to:\n\n    <a id=\"art-2-p-3-a\"></a>**(a)** the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and\n\n    <a id=\"art-2-p-3-b\"></a>**(b)** the price range in that liquidity band corresponding to the price of the order.\n\n1. <a id=\"art-2-p-4\"></a>The requirements set out in paragraph 3 shall only apply to exchange-traded funds the underlying financial instruments of which are solely equities subject to the tick size regime under paragraph 1 or a basket of such equities.\n\n","marks":[],"text_hash":"b5de2d7dbcdaa86a2a73b743d8caa54040707cd3709540f1b4f4925e0bfec9d3","revision":1}}