Article 52 › 2

The report referred to in paragraph 1 shall include the impact on European equity markets of the use of the waiver under Article 4(1)(a) and (b)(i) and the volume cap mechanism under Article 5, with particular reference to: (a) the level and trend of non-lit order book trading within the Union since the introduction of this Regulation; (b) the impact on the pre-trade transparent quoted spreads; (c) the impact on the depth of liquidity on lit order books; (d) the impact on competition and on investors within the Union; (e) the impact on trading of shares of small and mid-cap companies; (f) developments at international level and discussions with third countries and international organisations.

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