On 17 December 2025, the European Commission published for consultation a draft Delegated Regulation together with an Annex which amends Delegated Regulation (EU) 2016/522 in order to establish a list of designated trading venues for the purpose of implementing the mechanism to exchange order data referred to in Article 25a of the Market Abuse Regulation with respect to shares. It also updates Annex II to Delegated Regulation (EU) 2016/522 on the practices specifying the indicators of market manipulation, to account for technical developments, such as algorithmic trading, and to correct a few erroneous cross-references.

The deadline for comments is 14 January 2026.