According to Art. 48 (6) and Art. 49 of Directive 2014/65/EU as well as according to Commission Delegated Regulation (EU) 2017/588 (formerly: RTS 11) the new tick size regulation applies to shares, depository receipts and ETFs. To all other instruments such as bonds or other structured products, the tick size regime under MiFID II does not apply. Correspondingly, existing tick sizes for bonds, warrants and certificates will remain unchanged at Wiener Börse AG with MiFID II implementation (3 January 2018).
Tick sizes specified in Annex of RTS 11 will be implemented and used in Xetra® T7. (Xetra® Classic will not be affected by tick size changes as only bonds, certificates and warrants listed on Wiener Börse AG are traded there).
Every year, at the end of March at the latest (starting from 2019), ESMA will publish a new liquidity band assignment to instruments which then will be implemented by Wiener Börse AG accordingly as of begin of April.
In case of a tick size amendment for an instrument, the orders of the respective instrument are going to be deleted. A new technical deletion reason will be disseminated via the interfaces of Xetra® T7 (and Xetra® Classic).
Please find further details in our circulars:
Allocation of new liquidity bands (pdf-file 380 KB) and
Allocation of new liquidity bands for non-EU / non-CH - instruments (pdf-file 168 KB)