Regulatory Alerts2025-06-18
Added · Updated
Commission Delegated Regulation (EU) 2025/1246 amending transparency requirements for trading venues and investment firms
The European Commission amends Delegated Regulations (EU) 2017/583 and (EU) 2017/587 to update transparency requirements for trading venues and investment firms regarding bonds, structured finance products, emission allowances, and equity instruments. The regulation introduces static determination rules for large-in-scale orders and liquid markets, defines continuous order book trading systems, and establishes specific deferred publication regimes, including a standard two-week deferral for illiquid structured finance products and ETCs. For equity instruments, it refines the standard market size methodology for systematic internalisers and excludes technical 'give-up' and 'give-in' transactions from post-trade transparency obligations.