the Councils as specified in Commission Delegated Regulation (EU) [insert reference to RTS on clock synchronisation]. Article 10 (Article 14(3) of Regulation (EU) No 600/2014) Prices reflecting prevailing market conditions The prices published by a systematic internalises reflect prevailing market conditions they are close in price to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument at the time of publication. Article 11 (Article 14(2) and (4) of Regulation (EU) 600/2014) Standard market size The standard market size for shares, depositary receipts, ETFs, certificates and similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument and in accordance with Table 3 of Annex II. For the purpose of determining the standard market size is applicable to a specific financial instrument as set out in paragraph 1, competent authorities shall calculate the average value of transactions in respect of all the shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which there is a liquid market and for which they are the competent authority. The calculation referred to in paragraph 2 have the following characteristics: it shall take into account the transactions executed in the Union in respect of the financial instrument concerned whether executed on or outside a trading venue ; it shall cover the period in the preceding year beginning on 1 January and ending on 31 December or, where applicable, that part of the year during which the financial instrument was traded on a trading venue and was not suspended from trading; Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial 5 instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, 12.6.2014, p. 349.
the Councils as specified in Commission Delegated Regulation (EU) [insert reference to RTS on clock synchronisation]. Article 10 (Article 14(3) of Regulation (EU) No 600/2014) Prices reflecting prevailing market conditions The prices published by a systematic internalises reflect prevailing market conditions they are close in price to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument at the time of publication. Article 11 (Article 14(2) and (4) of Regulation (EU) 600/2014) Standard market size The standard market size for shares, depositary receipts, ETFs, certificates and similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument and in accordance with Table 3 of Annex II. For the purpose of determining the standard market size is applicable to a specific financial instrument as set out in paragraph 1, competent authorities shall calculate the average value of transactions in respect of all the shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which there is a liquid market and for which they are the competent authority. The calculation referred to in paragraph 2 have the following characteristics: it shall take into account the transactions executed in the Union in respect of the financial instrument concerned whether executed on or outside a trading venue ; it shall cover the period in the preceding year beginning on 1 January and ending on 31 December or, where applicable, that part of the year during which the financial instrument was traded on a trading venue and was not suspended from trading; 5 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, 12.6.2014, p. 349.
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