the Councils as specified in Commission Delegated Regulation (EU) [insert reference to RTS on clock synchronisation]. Article 10 (Article 14(3) of Regulation (EU) No 600/2014) Prices reflecting prevailing market conditions The prices published by a systematic internalises reflect prevailing market conditions they are close in price to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument at the time of publication. Article 11 (Article 14(2) and (4) of Regulation (EU) 600/2014) Standard market size The standard market size for shares, depositary receipts, ETFs, certificates and similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument and in accordance with Table 3 of Annex II. For the purpose of determining the standard market size is applicable to a specific financial instrument as set out in paragraph 1, competent authorities shall calculate the average value of transactions in respect of all the shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which there is a liquid market and for which they are the competent authority. The calculation referred to in paragraph 2 have the following characteristics: it shall take into account the transactions executed in the Union in respect of the financial instrument concerned whether executed on or outside a trading venue ; it shall cover the period in the preceding year beginning on 1 January and ending on 31 December or, where applicable, that part of the year during which the financial instrument was traded on a trading venue and was not suspended from trading; 5 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, 12.6.2014, p. 349.
Table 2 Symbol table for Table 3 Symbol Data type Definition {ALPHANUM-n} Upton alphanumerical characters Free text field. {CURRENCYCODE_3} 3 alphanumerical3 characters letter currency code, as defined by ISO 4217 currency codes {DATE_TIME_FORMA T} ISO 8601 date and time format Date and time in the following format: - 'YYYY' is the year; - `MM' is the month; - `DD' is the day; - 'T' — means that the letter 'T' shall be used - 'hh' is the hour; - `mm' is the minute; - ' ss.dddddd' is the second and its fraction of a second; - Z is UTC time. Dates and times shall be reported in UTC. {DECIMAL-n/m} Decimal number of up to n digits in total of which up to m digits can be fraction digits Numerical field for both positive and negative values. - decimal separator is '.' (full stop); - negative numbers are prefixed with '' Where applicable, values shall be rounded and not truncated. {ISIN} 12 alphanumerical characters ISIN code, as defined in ISO 6166 {MIC} 4 alphanumerical characters Market identifier as defined in ISO 10383
Table 3 List of details for the purpose of post-trade transparency identifier Description and details to be published Type of execution or publication venue Format to be populated as defined in Table 2 Trading date and time Date and time when the transaction was executed. For transactions executed on a trading the level of granularity shall be in accordance with the requirements set out in Article 3 of [RTS 25 on clock synchronization article 50 of Directive 2014/65/EU]. For transactions not executed on a trading venue, the date and time when the parties agree the content of the following fields: quantity, currencies in fields 31,34 and 44 as specified in Table 2 of Annex 1 of [Commission Regulation (EU) on reporting obligations under Article 26 of Regulation (EU) No 600/2014)], instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading the time reported shall be granular to at least the nearest second. Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 5 of [draft RTS on reporting obligations under Article 26 of MiFIR] were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM), Multilateral Trading Facility (MTF) ,Organised Trading Facility (OTF) Approved Publication Arrangement (MA) Consolidated tape provider (CTP) {DATE_TIME_FORMAT} Instrument code Code used to identify the financial instrument RM, MTF APA CTP {ISIN} Price Traded price of the transaction excluding, where applicable, commission and accrued interest. Where price is reported in monetary terms, it shall be provided in the major currency unit. Where price is currently not available but pending, the value should be `PNDG'. Where price is not applicable the field shall not be populated. , APA RM MTF CTP {DECIMAL-18/13} in case the is expressed as monetary value {DECIMAL-11/10} in case the price is expressed as percentage or yield 'PNDG' in case the price is not available
`RFPT' Reference price transaction flag RM, MTF CTP Transactions which are executed under systems operating in accordance with Article 4(1)(a) of Regulation (EU) No 600/2014. `NLIQ' Negotiated transaction in liquid financial instruments flag RM, MTF CTP Transactions executed in accordance with Article 4(1)(b)(i) of Regulation (EU) No 600/2014. `OILQ' Negotiated transaction in illiquid financial RM, instruments flag MTF CTP Transactions executed in accordance with Article 4(1)(b)(ii) of Regulation (EU) No 600/2014. PRIC' Negotiated transaction subject to conditions other than the current market price flag RM, MTF CTP Transactions executed in accordance with Article 4(1)(b)(iii) of Regulation (EU) No 600/2014 and as set out in Article 6. `ALGO' Algorithmic transaction flag RM, MTF CTP Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1)(39) of Directive 2014/65/EU. `SIZE' Transaction above the standard market size flag CTP Transactions executed on a systematic internaliser where the size of the incoming order was above the standard market size as determined in accordance with Article 11. `ILQD' Illiquid instrument transaction flag CTP Transactions in illiquid instruments as determined in accordance with Articles 1 to 9 of Commission Delegated Regulation [MiFIR Level 2] executed on a systematic internaliser. `RPRI' Transactions which have received price improvement flag CTP Transactions executed on a systematic internaliser with a price improvement in accordance with Article 15(2) of Regulation (EU) No 600/2014. `CANC' Cancellation flag RM MTF , APA CTP When a previously published transaction is cancelled. `AMND' Amendment flag RM, MTF APA CTP When a previously published transaction is amended.