Article 4 › 2 MiFIR — REGULATION (EU) No 600/2014 OF THE EUROPEAN PARLIAMENT AND…

Article 4 › 2

MiFIR

REGULATION (EU) No 600/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance) · European Union

The reference price referred to in paragraph 1(a) shall be established by obtaining: (a) the midpoint within the current bid and offer prices of the trading venue where that financial instrument was first admitted to trading or the most relevant market in terms of liquidity; or (b) when the price referred to in point (a) is not available, the opening or closing price of the relevant trading session. Orders shall only reference the price referred to in point (b) outside the continuous trading phase of the relevant trading session.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04