Article 1 Subject matter

This Regulation specifies the method of calculation of the 10 % fall in value for liquid shares traded on a trading venue as set out in Article 23(5) of Regulation (EU) No 236/2012.

This Regulation also specifies the method of calculation of the fall in value for the following financial instruments traded on a trading venue as specified in Delegated Regulation (EU) No 918/2012 adopted pursuant to Article 23(7) of Regulation (EU) No 236/2012:

1. (a)

   illiquid shares;

2. (b)

   the following non-derivative financial instruments:

   1. (i)

      debt instruments issued by sovereign and corporate issuers;

   2. (ii)

      exchange-traded funds;

   3. (iii)

      money market instruments;

3. (c)

   derivatives whose sole underlying is a financial instrument traded on a trading venue.