# Article 2 — Transactions not contributing to the price discovery process (Article 23(1) of Regulation (EU) No 600/2014) **Commission Delegated Regulation (EU) 2017/587 · binding · OJ L 87, 31.3.2017 · dated 14 Jul 2016 [in force]** *In force · Consolidated version of 2 March 2026 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0587-20260302)* A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply: **(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; **(b)** the transaction is part of a portfolio trade which includes five or more different shares; **(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; **(d)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(e)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(f)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(g)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(h)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(i)** [Deleted by [Commission Delegated Regulation (EU) 2023/944](https://eur-lex.europa.eu/eli/reg_del/2023/944/oj) of 17 January 2023.] **(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. **CHAPTER II — PRE-TRADE TRANSPARENCY** **Section 1 — Pre-trade transparency for trading venues**