According to Art. 48 (6) and Art. 49 of Directive 2014/65/EU as well as according to Commission Delegated Regulation (EU) 2017/588 (formerly: RTS 11) the new tick size regulation (liquidity bands) applies to shares, depository receipts and ETFs in Xetra® T7. To all other instruments such as bonds or other structured products, the tick size regime under MiFID II does not apply.

Every year, at the end of March at the latest (starting from 2019), ESMA publishes a new liquidity band assignment to instruments which then will be implemented by Wiener Börse AG accordingly as of begin of April. In case of a tick size amendment for an instrument, all orders, where the limit is not compliant with the tick size of the new liquidity band, will be deleted.

Please find further details in our circulars: