European Union: European Commission opened consultation on draft delegated regulation amending regulation (EU) 2016/522 as regards the list of designated trading venues that have a significant cross-border dimension in the supervision of market abuse and the indicators of market manipulation

On 17 December 2025, the European Commission opened a public consultation on the draft Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2016/522 as regards the list of designated trading venues that have a significant cross-border dimension in the supervision of market abuse and the indicators of market manipulation, until 14 January 2026. The draft delegated regulation amends Commission Delegated Regulation (EU) 2016/522 adopted under Regulation (EU) No 596/2014 on market abuse. It designates trading venues with a significant cross-border dimension for the exchange of order data under Article 25a of Regulation (EU) No 596/2014, with the initial scope limited to shares. It also amends Annex II to Commission Delegated Regulation (EU) 2016/522 to update and clarify indicators of market manipulation, including the assessment of conduct over time frames shorter or longer than a trading session, the consideration of volume-based effects, indirect exposures, algorithmic trading practices, and the correction of cross-references.