{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-06-05","held_since":"2023-06-05","gaps":[],"covered":["2017/587 — RTS — Transparency requirements for shares [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4","url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4","title":"Article 4 — Most relevant market in terms of liquidity (Article 4(1)(a) of Regulation (EU) No 600/2014)","family":"l2_unit_view","work_id":"spaces/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment","view_of":"/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Consolidated version of 2 March 2026","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0587-20260302","valid_from":"2017-04-20","valid_until":null,"content_id":"d3df027d8892bcee","versions":["2017-04-20"],"version_url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4/versions/2023-06-05","revision_url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4/versions/2023-06-05/rev/d3df027d8892bcee","versions_url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4/versions","relations_url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/4/relations","act_url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment#art-4","source_line":"Commission Delegated Regulation (EU) 2017/587 · 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 32017R0587 work_date_document","entry_into_force":"CELLAR 32017R0587 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment","path":"/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment","name":"Commission Delegated Regulation (EU) 2017/587","number":"2017/587","celex":"32017R0587","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/587 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 shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser (Text with EEA relevance)","document_date":"2016-07-14"},"position":{"kind":"article","key":"4","index":4,"articles":22,"annexes":4},"prev":{"path":"/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/3","key":"3","title":"Article 3 — Pre-trade transparency obligations (Article 3(1) and (2) of Regulation (EU) No 600/2014)"},"next":{"path":"/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/articles/5","key":"5","title":"Article 5 — Specific characteristics of negotiated transactions (Article 4(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:02017R0587-20260302","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment.md","unit_text_sha256":"71ba3e81cbb7194cb5008d36d34ba0092e819fb8964b5823c00fdd980bedb72d","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2017-587-transparency-requirements-for-trading-venues-and-investment/art-4","kind":"article","key":"4","heading":"Article 4 — Most relevant market in terms of liquidity (Article 4(1)(a) of Regulation (EU) No 600/2014)","text":"## Article 4 — Most relevant market in terms of liquidity (Article 4(1)(a) of Regulation (EU) No 600/2014)\n\n1. For the purposes of Article 4(1)(a) of Regulation (EU) No 600/2014, the most relevant market in terms of liquidity for a share, depositary receipt, ETF, certificate or other similar financial instrument shall be considered to be the trading venue with the highest turnover within the Union for that financial instrument.\n\n2. For the purpose of determining the most relevant markets in terms of liquidity in accordance with paragraph 1, competent authorities shall calculate the turnover in accordance with the methodology set out in Article 17(4) in respect of each financial instrument for which they are the competent authority and for each trading venue where that financial instrument is traded.\n\n3. The calculation referred to in paragraph 2 shall have the following characteristics:\n\n **(a)** it shall include, for each trading venue, transactions executed under the rules of that trading venue excluding reference price and negotiated transactions flagged as set out in Table 4 of Annex I and transactions executed on the basis of at least one order that has benefitted from a large-in-scale waiver and where the transaction size is above the applicable large-in-scale threshold as determined in accordance with Article 7;\n\n **(b)** it shall cover either the preceding calendar year or, where applicable, the period of the preceding calendar year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.\n\n4. Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:\n\n **(a)** the regulated market where that financial instrument is first admitted to trading or first traded;\n\n **(b)** where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.\n\n5. Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.\n\n6. The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.\n\n","marks":[],"text_hash":"71ba3e81cbb7194cb5008d36d34ba0092e819fb8964b5823c00fdd980bedb72d","revision":1}}