On 17 January 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments.

In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price forming, it increases the threshold above which orders and transactions in exchange traded funds benefit from the large in scale waiver and deferral and it amends the data fields for in post-trade transparency reports provided by approved publication arrangements and trading venues.

The Delegated Regulation also provides specifications on delivery of data to Member State competent authorities in relation to calculations of the average daily turnover, average value of transactions, as well as which market is the most relevant market in terms of liquidity. It also seeks to clarify the legal status of so called ‘hybrid systems’ which are systems that combine aspects of different trading systems, such as central limit order book systems and request for quote systems and makes technical adjustments to the exact moment of the day at which a publication of which the deferral has lapsed should be published.

The Delegated Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union.