In this act Article 2 of 22
Article 2 — Transactions not contributing to the price discovery process (Article 23(1) of Regulation (EU) No 600/2014)
Financial servicesLevel 2RTSMiFIRIn forceOfficial source
A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:
2(a)
(a)the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;
Copy link2(b)
(b)the transaction is part of a portfolio trade which includes five or more different shares;
Copy link2(c)
(c)the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;
Copy link2(j)
(j)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590, or is a type of transaction listed in Article 13 of this Regulation.
Copy linkCHAPTER II — PRE-TRADE TRANSPARENCY
Section 1 — Pre-trade transparency for trading venues