The tick size regime for shares, depositary receipts and ETFs was defined by the European Securities and Markets Authority (ESMA) as part of MiFID II and has been in effect since 2018 (Art. 48 (6) and Art. 49 of the Regulation 2014/65/EU, as well as according to regulation EU 2017/588 (RTS 11)).
The tick size regime comprises six liquidity bands (LB1 to LB6) and provides uniform rules for the smallest possible price change (tick size) of an instrument. The basis for the allocation of shares, depositary receipts, exchange traded funds and investment funds to a liquidity band is the "transparency calculation" performed by ESMA annually.
Please note
- the tick size for shares, certificates represented by shares (Depositary Receipts) and Exchange Traded Funds (ETFs) may differ per instrument.
- in the event of a change in the liquidity band of an instrument, those orders whose limit does not conform to the tick size of the new liquidity band will be deleted.
- bonds, certificates and warrants are not assigned to a liquidity band, but different tick indices can still be applied.
- participants will be informed in case of an adjustment of a liquidity band by a circular.
The following overview shows the currently valid price intervals for trading on the Vienna Stock Exchange:
Tick size – equities, depositary receipts, Exchange Traded Funds and investment funds
| LB11 | LB22 | LB33 | LB44 | LB55 | LB66 | |
|---|---|---|---|---|---|---|
| 0 ≤ price < 0.1 | 0.0005 | 0.0002 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
| 0.1 ≤ price < 0.2 | 0.001 | 0.0005 | 0.0002 | 0.0001 | 0.0001 | 0.0001 |
| 0.2 ≤ price < 0.5 | 0.002 | 0.001 | 0.0005 | 0.0002 | 0.0001 | 0.0001 |
| 0.5 ≤ price < 1 | 0.005 | 0.002 | 0.001 | 0.0005 | 0.0002 | 0.0001 |
| 1 ≤ price < 2 | 0.01 | 0.005 | 0.002 | 0.001 | 0.0005 | 0.0002 |
| 2 ≤ price< 5 | 0.02 | 0.01 | 0.005 | 0.002 | 0.001 | 0.0005 |
| 5 ≤ price < 10 | 0.05 | 0.02 | 0.01 | 0.005 | 0.002 | 0.001 |
| 10 ≤ price < 20 | 0.1 | 0.05 | 0.02 | 0.01 | 0.005 | 0.002 |
| 20 ≤ price < 50 | 0.2 | 0.1 | 0.05 | 0.02 | 0.01 | 0.005 |
| 50 ≤ price < 100 | 0.5 | 0.2 | 0.1 | 0.05 | 0.02 | 0.01 |
| 100 ≤ price < 200 | 1 | 0.5 | 0.2 | 0.1 | 0.05 | 0.02 |
| 200 ≤ price < 500 | 2 | 1 | 0.5 | 0.2 | 0.1 | 0.05 |
| 500 ≤ price < 1.000 | 5 | 2 | 1 | 0.5 | 0.2 | 0.1 |
| 1.000 ≤ price < 2.000 | 10 | 5 | 2 | 1 | 0.5 | 0.2 |
| 2.000 ≤ price < 5.000 | 20 | 10 | 5 | 2 | 1 | 0.5 |
| 5.000 ≤ price< 10.000 | 50 | 20 | 10 | 5 | 2 | 1 |
| 10.000 ≤ price < 20.000 | 100 | 50 | 20 | 10 | 5 | 2 |
| 20.000 ≤ price < 50.000 | 200 | 100 | 50 | 20 | 10 | 5 |
| 50.000 ≤ | 500 | 200 | 100 | 50 | 20 | 10 |
LB = liquidity bands| ADNT = Average daily number of transactions
1 0 ≤ ADNT < 10 | 2 10 ≤ ADNT < 80 | 3 80 ≤ ADNT < 600 | 4 600 ≤ ADNT < 2000 | 5 2000 ≤ ADNT < 9000 | 6 9000 ≤ ADNT
Tick size for bonds and certificates (percentage quotation)
0.01 percentage points
Tick size for bonds and certificates (unit quotation) and warrants
at a price > EUR 1 - 0.01
at a price ≤ EUR 1 - 0.001
