Recital 42

(42) The Commission should be empowered to adopt the regulatory technical standards developed by ESMA with regard to: the characteristics of central limit order books and periodic auction trading systems; the precise characteristics of the deferral regime for non-equity transactions; the provision of information on a reasonable commercial basis; the threshold for the application of the pre-trade transparency obligations for systematic internalisers and the minimum quote size for systematic internalisers; the quality of the transmission protocol, measures to address erroneous trade reporting and enforcement standards in relation to data quality, including arrangements regarding cooperation between data contributors and the CTP, and, where necessary, the quality and the substance of the data for the operation of the consolidated tapes; the level of accuracy to which business clocks are to be synchronised by trading venues, systematic internalisers, designated publishing entities, APAs and CTPs; the conditions for linking specific transactions and the means of identifying aggregated orders resulting in the execution of a transaction; the date by which transactions and reference data are to be reported; the information to be provided by applicants for authorisation as a CTP; the weighting assigned to the criteria for the application of the revenue redistribution scheme, the method for calculating the amount of the revenue to be redistributed to data contributors under that scheme, and the criteria under which the CTP can temporarily suspend the participation of data contributors in that scheme; and the content, timing, format and terminology of the reporting obligation of CTPs. The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

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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.