(2)

in Article 2, paragraph 1 is amended as follows: the following point is inserted: “SME growth market” means an SME growth market as defined in Article 4(1), point (12), of Directive 2014/65/EU;’; point (11) is replaced by the following: “multilateral system” means any system or facility in which multiple third-party buying and selling trading interests in financial instruments are able to interact;’; the following point is inserted: “designated publishing entity” means an investment firm responsible for making transactions public through an APA in accordance with Article 20(1) and Article 21(1);’; point (17) is replaced by the following: “liquid market” means: for the purposes of Articles 9, 11 and 11a: as regards bonds, a market in which there are ready and willing buyers and sellers on a continuous basis, where the market is assessed according to the issuance size of the bond; as regards a financial instrument or a class of financial instrument other than those referred to in point (i), a market in which there are ready and willing buyers and sellers on a continuous basis, where the market is assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instrument: the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of financial instrument, the number and type of market participants, including the ratio of market participants to traded financial instruments in a particular product, the average size of spreads, where available, the issuance size, where appropriate; for the purposes of Articles 4, 5 and 14, a market for a financial instrument that is traded daily, where the market is assessed according to the following criteria: the market capitalisation of that financial instrument; the average daily number of transactions in that financial instrument; the average daily turnover for that financial instrument;’; the following point is inserted: “OTC derivative” means an OTC derivative as defined in Article 2, point (7), of Regulation (EU) No 648/2012;’; point (35) is replaced by the following: “consolidated tape provider” or “CTP” means a person authorised in accordance with Title IVa, Chapter 1, of this Regulation to provide the service of collecting data from trading venues and APAs, and of consolidating those data into a continuous electronic live data stream providing core market data and regulatory data;’; the following points are inserted: “core market data” means: all of the following data on a given share or ETF at any given timestamp: for continuous order books, the European best bid and offer with the corresponding volume; for auction trading systems, the price at which the trading algorithm would be best satisfied and the volume potentially executed at that price by participants in that system; the transaction price and volume executed at that price; for transactions, the type of trading system and the applicable waivers and deferrals; except for the information referred to in points (i) and (ii), the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue; the standardised instrument identifier that applies across execution venues; the timestamp information on the following, as applicable: the execution of the transaction and any amendment thereto, the entry of the best bids and offers into the order book, the indication, in an auction trading system, of the prices or volumes, the publication by the trading venues of the elements listed in the first, second and third indents, the dissemination of core market data; all of the following data on a given bond or OTC derivative at any given timestamp: the transaction price and quantity or size executed at that price; the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue; for bonds, the standardised instrument identifier that applies across execution venues; for OTC derivatives, the identifying reference data as referred to in Article 27(1), second subparagraph; the timestamp information on the following: the execution of the transaction and any amendment thereto, the publication of the transaction by the trading venues, the dissemination of core market data; the type of trading system and the applicable waivers and deferrals; “regulatory data” means data related to the status of systems matching orders in financial instruments and data related to the trading status of individual financial instruments;’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.