(1)Commission Delegated Regulation (EU) 2017/588note sets out the tick size regime for shares, depository receipts and exchange-traded funds. In accordance with Article 3(1) of that Delegated Regulation, by 1 March each year, the competent authority for a specific share or depository receipt is to publish calculations of the average daily number of transactions for that financial instrument. In accordance with Article 3(4) of that Delegated Regulation, trading venues are to use those calculations to determine the applicable tick size from 1 April following that publication. That date of 1 April each year leads to difficulties for trading venues and their members or participants with regard to the implementation of the required changes to their IT systems and infrastructures. In particular, when 1 April is in the middle of the week, the implementation of the required changes needs to take place overnight. This gives trading venues limited time to update and test their IT systems and infrastructures. It is appropriate to allow trading venues and their members or participants to use the weekend to make the necessary adaptations to their IT systems and infrastructures. The published data should therefore apply from the first Monday of April each year. Such an amendment, in addition, ensures alignment with application of published calculations in accordance with Article 17(2) of Commission Delegated Regulation (EU) 2017/587note. Article 17(2) of that Delegated Regulation as amended by Commission Delegated Regulation (EU) 2023/944note, specifies that calculations on the most relevant market in terms of liquidity, the average daily turnover and the average value of transactions that are published by 1 March, are to apply from the first Monday of April following that publication.
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