A report on the quality of execution of transactions in accordance with Commission delegated regulation (EU) 2017/575 - RTS 27.
The reporting period in accordance with Article 11.
Identification information as referred to in Article 3(1) — type of execution venue (Table 1),
third subparagraph, points (i), (ii) and (iii). The information is persistent for each trading day
in the reporting period.
Name of the execution venue
Venue identifier of the execution venue (ISO 10383 Market Identifier Code)
Country of location of the competent authority
Name of the market segment
Market segment identifier (ISO 10383 market segment MIC)
Identification information as referred to in Article 3(2) — type of financial instrument (Table 2).
All financial instruments published in execution reports have an identifier (ISIN). Therefore,
the information is provided in accordance with Article 3(2), third subparagraph, point (a).
The information is persistent for each trading day in the reporting period.
Name of the financial instrument.
Financial instrument identifier: International Securities Identification Number (ISIN) according to ISO 6166.
Classification of financial instrument (CFI) according to ISO 10962.
Trading currency according to ISO 4217.
Transaction and order sizes (values) are presented in this currency.
If trading prices are expressed in monetary notation, they are presented in this currency.
Costs information to be published as referred to in Article 5 (Table 5).
Information required under Article 5:
(a) a description of the nature and level of all components of costs applied by the execution venue;
(b) a description of the nature and level of any rebates offered to users of the execution venue;
(c) a description of the nature and amount of any non-monetary benefits offered to users of the execution venue;
(d) a description of the nature and level of any taxes or levies invoiced to, or incurred by the execution venue.
Link to a website or other source where further information on costs is available.
Total value of all rebates, discounts, or other payments offered
(as % of total traded value during the reporting period).
Total value of all costs (as a % of total traded value during the reporting period).
Information published for each trading day, in accordance with
Article 3, Article 4, Article 6 and Article 7.
Identification information as referred to in Article 3(1) — type of execution venue (Table 1).
Third subparagraph, points (iv), (v), (vi), (vii) and (viii) required for each trading day
in the reporting period.
Nature, number and average duration of any outage, within the venue's normal
trading period, that interrupted trading across all instruments available to
trade at the venue on the date of the trading day.
Nature, number, and average duration of any scheduled auctions within the venue's
normal trading period on the date of the trading day.
Number of failed transactions on the date of the trading day.
Value of failed transactions expressed as a percentage of total value
of transactions that were executed on the date of the trading day.
Price information to be published as referred to in Article 4.
Intra-day price information as referred to in Article 4 point (a) (Table 3).
The information is provided at reference times 9.30.00, 11.30.00, 13.30.00 and 15.30.00 UTC
on a trading date and for each size range as set out in Article 9.
Information will not be provided if trading is closed at the reference time,
or if there were no transactions at the size range.
Available if transactions occurred during the first two minutes at the reference time.
The simple average price of all transactions that were executed
in the two minutes starting at each of the reference times.
Total value of trades executed during the two minute period starting
at each of the reference times.
If no transactions occurred during the first two minutes at the reference times,
the information on the first transaction within the size range that executed after
the reference time and before the next reference time will be provided, if such exists.
The price of the first transaction.
Execution time (UTC) of the first transaction.
Size of the first transaction in terms of value.
Trading system under which the first transaction was executed.
Trading mode under which the first transaction was executed.
Trading platform on which the first transaction was executed.
Best bid price at the time the first transaction was executed.
The information is provided for order book trading.
Best offer price at the time the first transaction was executed.
The information is provided for order book trading.
Reference price at the time the first transaction was executed.
The information is provided for block trading.
The reference time (UTC).
The size range category (1 - 3) as set in Article 9.
Daily price information as referred to in Article 4 point (b) (Table 4).
Simple average transaction price.
Volume-weighted transaction price.
Highest executed price.
Lowest executed price.
Information on likelihood of execution in respect of orders
as referred to in Article 6 (Table 6), points (a), (c), (d) and (f).
Number of orders or requests for quotes that were received.
This represents all active orders on the trading day.
Number of orders or requests for quotes that were withrawn
on the trading day, excluding passive orders with instructions
to expire or to be cancelled at the end of the day.
Number of orders or requests for quotes
that were modified on the trading day.
Median size of all orders or requests for quote active
on the trading day. The information is available only
if Total order count is more than one.
Information on likelihood of execution in respect of transactions
as referred to in Article 6 (Table 6), points (b) and (e). The information
is provided only if more than one transaction executed on the trading day.
Number of transactions that were executed on the trading day.
Value of transactions that were executed on the trading day.
Median transaction size on the trading day.
Number of designated market makers, as referred to
in Article 6 (Table 6), point (g).
Likelihood of execution information for continuous auction order book or
continuous quote driven trading model as referred to in Article 7(1) (Table 7).
The information is provided at reference times 9.30.00, 11.30.00, 13.30.00 and
15.30.00 UTC as specified in points (i) and (ii) of Article 4(a).
The information is not available for other trading models.
Best bid price at the reference time.
Best bid volume at the reference time.
Best offer price at the reference time.
Best ask volume at the reference time.
Book depth for three price increments as referred to in Article 2 (k):
the total available liquidity expressed as the product of price and volume
of all bids and offers for three price increments (as much as it's available)
from the mid-point of the best bid and offer.
The reference time (UTC).
Additional information for continuous auction order book or continuous quote driven trading model
as referred to in Article 7(2) (Table 8). The information is not available for other trading models.
Average effective spread as referred to in Article 2 (l):
the average of twice the difference between the actual execution price compared with mid-point
of best bid and offer at time of receipt, for market orders or marketable limit orders.
Average book depth for three price increments.
Book depth is defined in Article 2 (k).
Information provided at best bid and offer.
Average volume at best bid and offer.
Average spread at best bid and offer.
Number of cancellations at best bid and offer.
Number of modifications at best bid and offer.
Average speed of execution for unmodified passive orders at best bid and offer
as referred to in Article 2 (m): the average time elapsed between a limit order
that matches the best bid and offer being received by the execution venue, and the
subsequent execution of this order.
Mean and median time elapsed (to the millisecond) between an aggressive order
or quote acceptance being received by the execution venue and the subsequent
total or partial execution.
Mean and median time elapsed (to the millisecond) between a market order
or quote acceptance being received by the execution venue and the subsequent
total or partial execution.
Number of Fill or Kill orders that failed.
Number of Immediate or Cancel orders that got zero fill.
Number of transactions that were executed on the trading venue that are
Large in Scale pursuant to Article 4 or 9 of Regulation (EU) No 600/2014.
Value of transactions that were executed on the trading venue that are
Large in Scale pursuant to Article 4 or 9 of Regulation (EU) No 600/2014.
Number of transactions that were executed on the trading venue pursuant to
Article 4 or Article 9 of Regulation (EU) No 600/2014, but excluding orders
that are held in an order management facility of the trading venue pending
disclosure and not included under LISWaiver.
Value of transactions that were executed on the trading venue pursuant to
Article 4 or Article 9 of Regulation (EU) No 600/2014, but excluding orders
that are held in an order management facility of the trading venue pending
disclosure and not included under LISWaiver.
Number and average duration of trading interruptions as the result of any volatility
auction or circuit breaker which occurred within the venue's normal trading period.
Nature, number and average duration of any trading suspension that occurred as a result
of a decision by the venue within the venue's normal trading period, outside of any that
were reported as Outages under Article 3(1)(v).
The number and average duration, during the venue's normal trading hours,
of any periods lasting more than 15 minutes during which no bid or offers
were provided for each trading day.
Average quote presence expressed in percentage of the venue's
normal trading period on the trading date.
Date of the trading day.
ISO 6166 International Securities Identification Number
ISO 10962 Classification of Financial Instrument code
ISO 3166-1 alpha-2 country code
ISO 4217 currency code
ISO 10383 Market Identifier Code
Value is not available/applicable.
Value is not available/applicable.
Date in ISO 8601 Notation (YYYY-MM-DD).
UTC time in ISO 8601 Notation (hh:mm:ss.ssssssZ).
Time period in ISO 8601 Notation (PnYnMnDTnHnMnS).
In accordance with ISO standard, a period must start with a letter "P".
Letter "T" is the time designator that precedes the time components of the representation.
E.g. P15DT1H5M33.2354S represents a period of 15 days, 1 hour, 5 minutes and 33.2354 seconds.
Value is not available/applicable.
The way in which an execution venue executes orders - Article 2 (a).
Continuous auction order book (Xetra Continuous Trading).
Trading consists of opening, continuous and closing auctions.
Continuous auction may be interrupted with intra-day auction.
Continuous auction order book for low liquid shares (Xetra Continuous Trading).
Trading consists of opening, continuous and closing auctions.
Continuous auction may be interrupted with intra-day auction.
Continuous quote driven (Xetra Continuous Auction).
Trading within the price range of a quote of the liquidity provider.
Periodic auction (Xetra Single Intraday Auction).
Block trade reporting: Trades may be reported in accordance with
the exchange rules based on pre-trade LIS waiver.
Mode/phase of the trading system - Article 2 (i).
Pre Trading: Orders can be manipulated. Order book is closed.
Opening Auction Call: Order book is open. Orders can be manipulated. No order matching is done.
Continuous trading: Order book is open. Orders can be manipulated. Order matching is done.
Intraday Auction Call: Order book is open. Orders can be manipulated. No order matching is done.
Closing Auction Call: Order book is open. Orders can be manipulated. No order matching is done.
Post Trading: Trading finished. Order book is closed. Orders can be manipulated.
Halted: Security is suspended for trading. Open orders are retained but order book is closed.
Suspended: Security is suspended for trading. Open orders are withdrawn.
Market Order Interruption: Orders can be manipulated, no order matching is done.
Volatility Interruption: Orders can be manipulated, no order matching is done.
Continuous Auction Call: Orders can be manipulated. Market Maker Quote is present. Orders may be matched at the end of this phase.
Continuous Auction Pre-Call: Orders can be manipulated. Market Maker Quote is absent. No order matching is done.
Block trade reporting.
Type of trading platform - Article 2 (j).
Electronic.
Voice.
Outcry.
Sizes are set out in the post trade transparency requirements.
Range 1: greater than EUR 0 and less than or equal to the Standard Market Size
(smallest available for illiquid shares) or the Size Specific to the financial instrument.
Range 2: greater than the Standard Market Size (smallest available for illiquid shares)
or the Size Specific to the financial instrument and less than or equal to Large in Scale.
Range 3: greater than Large in Scale.
Nature, number and average duration of all phases in the required category, during one trading day.
Mean and median daily