Recital 18

(18) Small regulated markets and SME growth markets are trading venues which admit shares of issuers for which trading in the secondary market tends to be less liquid than the trading of shares admitted to trading on larger regulated markets. In order to avoid the negative impact the consolidated tape might have on small trading venues, even though their inclusion in the consolidated tape might have positive effects on their viability and the liquidity of the securities traded on those venues, an opt-in mechanism should be established. That opt-in mechanism should apply to investment firms operating SME growth markets and to market operators whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union. Two alternative conditions should complement the 1 % threshold: either the investment firm or market operator is not part of a group comprising or having close links with an investment firm or a market operator that exceeds the 1 % threshold, or the concentration of the trading is very high in the venue operated by that investment firm or market operator, namely 85 % of the total annual trading volume of shares is traded in the trading venue where they were initially admitted to trading. Only a few trading venues fulfil those criteria, and therefore only a small percentage of trading in the Union would not be required to transmit data to the CTP. Nonetheless, the investment firms and market operators fulfilling those criteria would have the opportunity to opt in and should notify the CTP and ESMA of any decision to do so. Such a decision would be irrevocable and all the data – for both shares and exchange-traded funds (ETFs) – would be part of the consolidated tape afterwards.

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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.