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Delegated Regulation (EU) 2017/583 · 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 32017R0583 work_date_document","entry_into_force":"CELLAR 32017R0583 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment","path":"/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment","name":"Commission Delegated Regulation (EU) 2017/583","number":"2017/583","celex":"32017R0583","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (Text with EEA relevance)","document_date":"2016-07-14"},"position":{"kind":"article","key":"4","index":6,"articles":24,"annexes":5},"prev":{"path":"/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment/articles/3a","key":"3a","title":"Article 3a — Orders which are large in scale for bonds, structured finance products and emission allowances (Article 9(1), point (a), of Regulation (EU) No 600/2014)"},"next":{"path":"/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment/articles/5","key":"5","title":"Article 5 — Size specific to the financial instrument (Articles 8(4) and 9(1)(b) of Regulation (EU) No 600/2014)"},"act_anchor":"#art-4"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0583-20260302","check":{"result":"matched","checked_at":"2026-10-20","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment.md","unit_text_sha256":"c940ad421585d56a028729c4b4d87bc9be7dddc77a855730f82512ffa2eae4ee","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2017-583-transparency-requirements-for-trading-venues-and-investment/art-4","kind":"article","key":"4","heading":"Article 4 — Type and minimum size of orders held in an order management facility (Article 9(1)(a) of Regulation (EU) No 600/2014)","text":"## <a id=\"art-4\"></a>Article 4 — Type and minimum size of orders held in an order management facility (Article 9(1)(a) of Regulation (EU) No 600/2014)\n\n1. <a id=\"art-4-p-1\"></a>The type of order held in an order management facility of a trading venue pending disclosure for which pre-trade transparency obligations may be waived is an order which:\n\n    <a id=\"art-4-p-1-a\"></a>**(a)** is intended to be disclosed to the order book operated by the trading venue and is contingent on objective conditions that are defined in advance by the system's protocol;\n\n    <a id=\"art-4-p-1-b\"></a>**(b)** does not interact with other trading interest prior to disclosure to the order book operated by the trading venue;\n\n    <a id=\"art-4-p-1-c\"></a>**(c)** once disclosed to the order book it interacts with other orders in accordance with the rules applicable to orders of that kind at the time of disclosure.\n\n2. <a id=\"art-4-p-2\"></a>The minimum size of orders held in an order management facility of a trading venue pending disclosure for which pre-trade transparency obligations may be waived shall, at the point of entry and following any amendment, be one of the following:\n\n    <a id=\"art-4-p-2-a\"></a>**(a)** in the case of a reserve order, greater than or equal to EUR 10 000 ;\n\n    <a id=\"art-4-p-2-b\"></a>**(b)** for all other orders, a size that is greater than or equal to the minimum tradable quantity set in advance by the system operator under its rules and protocols.\n\n3. <a id=\"art-4-p-3\"></a>A reserve order referred to in paragraph 2(a) shall be considered a limit order consisting of a disclosed order relating to a portion of the quantity and a non-disclosed order relating to the remainder of the quantity, where the non-disclosed quantity is capable of execution only after its release to the order book as a new disclosed order.\n\n4. <a id=\"art-4-p-4\"></a>For the purposes of paragraph 2, point (a), the size of orders held in an order management facility shall be measured by the notional amount of the traded contracts as referred to in Annex II, table 2, field 10.\n\n","marks":[],"text_hash":"c940ad421585d56a028729c4b4d87bc9be7dddc77a855730f82512ffa2eae4ee","revision":1}}