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.

ANNEX II Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays

Table 1 Orders large in scale compared with normal market size for shares and depositary receipts

Average daily turnover (ADT) in EUR

ADT < 50000

50000 ≤ ADT < 100000

100000 ≤ ADT < 500000

500000 ≤ ADT < 1000000

1000000 ≤ ADT < 5000000

5000000 ≤ ADT < 25000000

25000000 ≤ ADT < 50000000

50000000 ≤ ADT < 100000000

ADT ≥ 100000000

Minimum size of orders qualifying as large in scale compared with normal market size in EUR

15000

30000

60000

100000

200000

300000

400000

500000

650000

Table 2 Orders large in scale compared with normal market size certificates and other similar financial instruments

Average daily turnover (ADT) in EUR

ADT < 50000

ADT ≥ 50000

Minimum size of orders qualifying as large in scale compared with normal market size in EUR

15000

30000

Table 3 Standard market sizes

Average value of transactions (AVT) in EUR

AVT < 20000

20000 ≤ AVT < 40000

40000 ≤ AVT < 60000

60000 ≤ AVT < 80000

80000 ≤ AVT < 100000

100000 ≤ AVT < 120000

120000 ≤ AVT < 140000

Etc.

Standard market size

10000

30000

50000

70000

90000

110000

130000

Etc.

Table 4 Deferred publication thresholds and delays for shares and depositary receipts

Average daily turnover (ADT) in EUR

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

> 100 m

10000000

60 minutes

20000000

120 minutes

35000000

End of the trading day

50 m-100 m

7000000

60 minutes

15000000

120 minutes

25000000

End of the trading day

25 m-50 m

5000000

60 minutes

10000000

120 minutes

12000000

End of the trading day

5 m-25 m

2500000

60 minutes

4000000

120 minutes

5000000

End of the trading day

1 m-5 m

450000

60 minutes

750000

120 minutes

1000000

End of the trading day

500000-1 m

75000

60 minutes

150000

120 minutes

225000

End of the trading day

100000-500000

30000

60 minutes

80000

120 minutes

120000

End of the trading day

50000-100000

15000

60 minutes

30000

120 minutes

50000

End of the trading day

< 50000

7500

60 minutes

15000

120 minutes

25000

End of the next trading day

Table 5 Deferred publication thresholds and delays for ETFs

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

10000000

60 minutes

50000000

End of the trading day

Table 6 Deferred publication thresholds and delays for certificates and other similar financial instruments

Average daily turnover (ADT) in EUR

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

ADT < 50000

15000

120 minutes

30000

End of the trading day

ADT ≥ 50000

30000

120 minutes

60000

End of the trading day