RTS · European Commission
Commission Delegated Regulation (EU) 2017/587 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 shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser
RTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.
Details
| Reference | Delegated Regulation (EU) 2017/587 |
|---|---|
| Issuer | European Commission |
| Published | 31 Mar 2017 |
| CELEX | 32017R0587 |
| In force / applies from | 20 Apr 2017, 3 Jan 2018 |
Provisions it relates to
- Article 4 MiFIR · Waivers for equity instrumentsLegal basis
- Article 7 MiFIR · Authorisation of deferred publicationLegal basis
- Article 14 MiFIR · Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsLegal basis
- Article 20 MiFIR · Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsLegal basis
- Article 22 MiFIR · Providing information for the purposes of transparency and other calculationsLegal basis
- Article 23 MiFIR · Trading obligation for investment firmsLegal basis
UK version: UK Delegated Regulation (EU) 2017/587.
Documents that refer to it
- 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 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 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&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 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.
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
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