Minimum tick size

The exchange is obliged to determine an appropriate size for the smallest possible price change in the financial instruments traded, in order to reduce negative effects on market integrity and liquidity. The exchange may determine, for trading in a share, the same appropriate size for the smallest possible price change as a trading venue in a third country, provided that trading venue is the most relevant market in terms of liquidity for that share, and the share has an international securities identification number that was
1. assigned outside the European Economic Area, or
2. assigned within the European Economic Area and the share is traded on that trading venue in the national currency of the third country or in another currency not attributable to the European Economic Area within the meaning of Article 23(1)(a) of Regulation (EU) No 600/2014. In determining the minimum size under the first sentence, regard must in particular be had to ensuring that it does not impair the price formation mechanism or the objective of an appropriate order-to-transaction ratio within the meaning of section 26a. As regards the individual requirements for determining the minimum tick size, reference is made to Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the tick size regime for shares, depositary receipts and exchange-traded funds (OJ L 87, 31.3.2017, p. 411), in its respective current version. The Exchange Rules may lay down further provisions.