# Article 1 — Determining liquid markets for shares (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014) **Commission Delegated Regulation (EU) 2017/567 · binding · OJ L 87, 31.3.2017 · dated 18 May 2016 [in force]** *In force · Consolidated version of 23 August 2026 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0567-20260823)* 1. For the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014, a share that is traded daily shall be considered to have a liquid market where all of the following conditions are met: **(a)** the market capitalisation of the share is not less than EUR 100 million; **(b)** the average daily number of transactions in the share is not less than 250; **(c)** the average daily turnover for the share is not less than EUR 1 million. 2. For the purposes of paragraph 1, point (a), the market capitalisation of a share shall be calculated by multiplying the number of outstanding shares by the price per share. 3. For the purposes of paragraph 1, point (c), the daily turnover of a share shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of shares exchanged between the buyer and the seller by the price per share. 4. During the six-week period commencing on the first trading day following the first admission of a share to trading on a regulated market or an MTF, that share shall be considered to have a liquid market for the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014 where the sum obtained by multiplying the number of outstanding shares by the price at which the share stands at the start of the first trading day is estimated to be not less than EUR 100 million, and, where, according to estimated data for that period, the conditions set out in paragraph 1, points (b) and (c), are fulfilled. 5. Where fewer than five shares traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market as referred to in paragraph 1, the competent authority of that Member State may designate one or more shares first admitted to trading on those trading venues as shares considered to have a liquid market, provided that the total number of shares first admitted to trading in that Member State and considered to have a liquid market does not exceed five.