Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 5 Impact on UK market liquidity and efficiency

In determining whether a market practice proposed to be established as an AMP complies with the criterion set out in point (c) of Article 13(2) of Regulation (EU) No 596/2014, the Financial Conduct Authority shall assess the impact the market practice has on at least the following elements:

  1. (a)

    volume traded;

  2. (b)

    number of orders in the order book (order depth);

  3. (c)

    speed of execution of the transactions;

  4. (d)

    volume weighted average price of a single session, daily closing price;

  5. (e)

    bid/offer spread, price fluctuation and volatility;

  6. (f)

    regularity of quotations or transactions.