‘(17)

“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;’;

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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.