RTS · European Commission
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives
RTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.
Details
| Reference | Delegated Regulation (EU) 2017/583 |
|---|---|
| Issuer | European Commission |
| Published | 31 Mar 2017 |
| CELEX | 32017R0583 |
| In force / applies from | 20 Apr 2017, 3 Jan 2018 |
Provisions it relates to
- Article 1 MiFIR · Subject matter and scopeLegal basis
- Article 9 MiFIR · Waivers for bonds, structured finance products, emission allowances, derivatives and package ordersLegal basis
- Article 11 MiFIR · Deferred publication in respect of bonds, structured finance products or emission allowancesLegal basis
- Article 21 MiFIR · Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivativesLegal basis
- Article 22 MiFIR · Providing information for the purposes of transparency and other calculationsLegal basis
UK version: UK Delegated Regulation (EU) 2017/583 (revoked).
Documents that refer to it
- Q&AAnsweredExplicit reference
AI summaryEquity RFQ systems must make quotes and actionable indications of interest pre-trade transparent no later than when they become executable, whether or not a trade follows; disclosure only at execution is not enough, and an RFQ system cannot be split into a quote stage followed by a separate bilateral confirmation.
- Q&AAnsweredExplicit reference
AI summaryAn investment firm may outsource the reporting of OTC trades to an APA to a third party, but remains fully responsible and must ensure the third party tells the APA which transparency regime applies to the firm.
- Q&AAnsweredExplicit reference
AI summaryThe minimum size of orders held in an order management facility for non-equity instruments under Article 4(2)(a) of RTS 2 is calculated using Table 4 of Annex II of RTS 2, except that the notional amount of traded contracts is used for emission allowances and their derivatives.
- Q&AAwaiting answerExplicit reference
AI summaryAsks which deferred publications (price-deferred, volume-deferred or both) must carry the new 'LLF3' and 'LIF4' flags for bonds, and the 'DEFF' flag for ETCs, ETNs and structured finance products, under ESMA's December 2024 draft RTS 2. The question has been published but not yet answered.
- Q&AAnsweredExplicit reference
AI summaryIn RTS 2 transparency reference data, the delivery or cash settlement location of electricity and gas contracts should be reported with the same Energy Identification Code whether the contract is cash or physically settled; where no EIC fits, a 16-character ad hoc code identifying the contract's reference must be used (ESMA lists some), never generic values such as 'CASH'.
- Q&AAnsweredExplicit reference
AI summaryAsked how voice trading systems apply the pre-trade transparency requirements of Article 8 MiFIR. ESMA deleted the question on 16 October 2024.
- Q&AAnsweredExplicit reference
AI summaryAPAs may be identified in post-trade publications by a MIC or a four-character code; there is no legal obligation, but ESMA recommends that APAs obtain a MIC from the ISO 10383 Registration Authority, which is free of charge.
- Q&AAnsweredExplicit reference
AI summaryRTS 1 and RTS 2 prescribe no technical format for publishing post-trade data, so trading venues and APAs may transmit it via encoded or binary feeds to stay as close to real time as possible, provided the prescribed details and flags are used once the data is converted into human-readable form.
- Q&AAwaiting answerExplicit reference
AI summaryAsks a set of questions on package orders under MiFIR transparency, including the 'meaningful economic risk' test, equity components, systematic internaliser obligations, APA publication, non-traded components and primary market switches. The question has been published but not yet answered.
FCA Handbook
Handbook provisions whose source note cites it:
- REC 3.14A.7CD · Pre- and post- trade transparency requirements for equity and non-equity instruments: form of waiver and deferral
FCA Handbook references © FCA, used under the Open Government Licence v3.0. Rulestack is independent and not endorsed by the FCA.