Skip to the text
In this act Article 2 of 6
Text as of 5 Jun 2023 · Consolidated version of 5 June 2023 · Same wording as today’s text.Today’s text

Article 2 — Tick size for shares, depositary receipts and exchange-traded funds (Article 49(1) and (2) of Directive 2014/65/EU)

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

2(1)

1.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:

Copy link
2(1)(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
Copy link
2(1)(b)
(b)the price range in that liquidity band corresponding to the price of the order.
Copy link
2(2)

2.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.

Copy link
2(3)

3.Trading venues shall apply to orders in exchange-traded funds a tick size which is equal to or greater than the one corresponding to:

Copy link
2(3)(a)
(a)the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and
Copy link
2(3)(b)
(b)the price range in that liquidity band corresponding to the price of the order.
Copy link
2(4)

4.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.

Copy link