Article 4

Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (Text with EEA relevance) · European Union

A reference to a trading day in relation to a trading venue, or in relation to post-trade information to be made public under Article 30 or 45 of Directive 2004/39/EC in relation to a share, shall be a reference to any day during which the trading venue concerned is open for trading. A reference to the opening of the trading day shall be a reference to the commencement of the normal trading hours of the trading venue. A reference to noon on the trading day shall be a reference to noon in the time zone where the trading venue is established. A reference to the end of the trading day shall be a reference to the end of its normal trading hours. A reference to a trading day in relation to the most relevant market in terms of liquidity for a share, or in relation to post-trade information to be made public under Article 28 of Directive 2004/39/EC in relation to a share, shall be a reference to any day of normal trading on trading venues in that market. A reference to the opening of the trading day shall be a reference to the earliest commencement of normal trading in that share on trading venues in that market. A reference to noon on the trading day shall be a reference to noon in the time zone of that market. A reference to the end of the trading day shall be a reference to the latest cessation of normal trading in that share on trading venues in that market. A reference to a trading day in relation to a spot contract, within the meaning of Article 38(2), shall be a reference to any day of normal trading of that contract on trading venues.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.