In this act Annex II of 4
ANNEX II
Financial servicesLevel 2RTSMiFIRIn forceOfficial source
Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays
Table 1
Orders large in scale compared with normal market size for shares and depositary receipts
| Average daily turnover (ADT) in EUR | ADT < 50 000 | 50 000 ≤ ADT < 100 000 | 100 000 ≤ ADT < 500 000 | 500 000 ≤ ADT < 1 000 000 | 1 000 000 ≤ ADT < 5 000 000 | 5 000 000 ≤ ADT < 25 000 000 | 25 000 000 ≤ ADT < 50 000 000 | 50 000 000 ≤ ADT < 100 000 000 | ADT ≥ 100 000 000 |
| Minimum size of orders qualifying as large in scale compared with normal market size in EUR | 15 000 | 30 000 | 60 000 | 100 000 | 200 000 | 300 000 | 400 000 | 500 000 | 650 000 |
Table 2
Orders large in scale compared with normal market size certificates and other similar financial instruments
| Average daily turnover (ADT) in EUR | ADT < 50 000 | ADT ≥ 50 000 |
| Minimum size of orders qualifying as large in scale compared with normal market size in EUR | 15 000 | 30 000 |
Table 3
Standard market sizes for shares and depositary receipts
| Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -12 000 ) | AVT bucket [12 000 -14 000 ) | AVT bucket [14 000 -16 000 ) | AVT bucket [16 000 -18 000 ) | AVT bucket [18 000 -20 000 ) | AVT bucket [20 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc. |
|---|---|---|---|---|---|---|---|---|---|
| Standard market size | 5 000 | 11 000 | 13 000 | 15 000 | 17 000 | 19 000 | 30 000 | 50 000 | Etc. |
Table 3a
Standard market sizes for ETFs, certificates and other similar financial instruments
| Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -15 000 ) | AVT bucket [15 000 -20 000 ) | AVT bucket [20 000 -25 000 ) | AVT bucket [25 000 -30 000 ) | AVT bucket [30 000 -35 000 ) | AVT bucket [35 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc. |
|---|---|---|---|---|---|---|---|---|---|
| Standard market size | 5 000 | 12 500 | 17 500 | 22 500 | 27 500 | 32 500 | 37 500 | 50 000 | Etc. |
Table 4
Deferred publication thresholds and delays for shares and depositary receipts
| Average daily turnover (ADT) in EUR | Minimum qualifying size of transaction for permitted delay in EUR | Timing of publication after the transaction |
| > 100 m | 10 000 000 | 60 minutes |
| 20 000 000 | 120 minutes | |
| 35 000 000 | End of the trading day | |
| 50 m-100 m | 7 000 000 | 60 minutes |
| 15 000 000 | 120 minutes | |
| 25 000 000 | End of the trading day | |
| 25 m-50 m | 5 000 000 | 60 minutes |
| 10 000 000 | 120 minutes | |
| 12 000 000 | End of the trading day | |
| 5 m-25 m | 2 500 000 | 60 minutes |
| 4 000 000 | 120 minutes | |
| 5 000 000 | End of the trading day | |
| 1 m-5 m | 450 000 | 60 minutes |
| 750 000 | 120 minutes | |
| 1 000 000 | End of the trading day | |
| 500 000 -1 m | 75 000 | 60 minutes |
| 150 000 | 120 minutes | |
| 225 000 | End of the trading day | |
| 100 000 -500 000 | 30 000 | 60 minutes |
| 80 000 | 120 minutes | |
| 120 000 | End of the trading day | |
| 50 000 -100 000 | 15 000 | 60 minutes |
| 30 000 | 120 minutes | |
| 50 000 | End of the trading day | |
| < 50 000 | 7 500 | 60 minutes |
| 15 000 | 120 minutes | |
| 25 000 | End of the next trading day |
Table 5
Deferred publication thresholds and delays for ETFs
| Minimum qualifying size of transaction for permitted delay in EUR | Timing of publication after the transaction |
|---|---|
| 15 000 000 | 60 minutes |
| 50 000 000 | End of the trading day |
Table 6
Deferred publication thresholds and delays for certificates and other similar financial instruments
| Average daily turnover (ADT) in EUR | Minimum qualifying size of transaction for permitted delay in EUR | Timing of publication after the transaction |
| ADT < 50 000 | 15 000 | 120 minutes |
| 30 000 | End of the trading day | |
| ADT ≥ 50 000 | 30 000 | 120 minutes |
| 60 000 | End of the trading day |