Article 2 Transactions not contributing to the price discovery process (Article 23(1) of Regulation (EU) No 600/2014)

A transaction in shares does not contribute to the price discovery process where any of the following circumstances apply:

1. (a)

   the transaction is a benchmark trade1;

2. (b)

   the transaction is part of a portfolio trade;

3. (c)

   the transaction is contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are to be executed only as a single lot;

4. (ca)

   the transaction is of a type listed in article 13.1