# Article 2 — Determining liquid markets for depositary receipts (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 depositary receipt that is traded daily shall be considered to have a liquid market where all of the following conditions are met: **(a)** the market capitalisation is not less than EUR 100 million; **(b)** the average daily number of transactions in the depositary receipt is not less than 250; **(c)** the average daily turnover for the depositary receipt is not less than EUR 1 million. 2. For the purposes of paragraph 1, point (a), the market capitalisation of a depositary receipt shall be calculated by multiplying the number of outstanding units of the depositary receipt by the price per unit. 3. For the purposes of paragraph 1, point (c), the daily turnover of a depositary receipt shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the depositary receipt exchanged between the buyer and the seller by the price per unit. 4. For the six-week period commencing on the first day of trading following the first admission of a depositary receipt to trading on a trading venue, that depositary receipt 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 estimated market capitalisation at the start of the first day of trading stands at 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 depositary receipts 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 depositary receipts first admitted to trading on those trading venues as depositary receipts considered to have a liquid market, provided that the total number of depositary receipts first admitted to trading in that Member State and considered to have a liquid market does not exceed five.