Article 3 thresholds
Regulation (EU) 2022/858 limits what a DLT market infrastructure may record. These are the live figures the operator measures itself against, beside the Article 3(4) monthly average that governs the current month.
Status
OK
Aggregate market value
EUR 1,000,000.00 0.0167 percent of the admission cap
Admission cap, Art 3(2)
EUR 6,000,000,000.00
Transition figure, Art 3(3)
EUR 9,000,000,000.00
ECB rate
1.17 USD per EUR, 2026-09-09, OPERATOR
Art 3(4) monthly average, 2026-10
EUR 1,000,000.00 over 31 recorded days, OK
Instruments
| ISIN | Class | Circulating units | Price | Source | Market value (EUR) | Declared basis (EUR) | Class cap (EUR) | Art 3(1) |
|---|---|---|---|---|---|---|---|---|
| EZSANDBOXKB1 | BOND | 1,000,000 | NONE | unpriced | 1,000,000.00 | 1,000,000,000.00 | within cap |
How the figures are made
- Valuation
- closing or opening auction price of the market, else the last trade, else the mark; EUR at the ECB reference rate; an unpriced instrument counts at its declared basis; the Article 3(4) monthly average (per instrument the mean of its daily EUR closing prices over the previous calendar month times the units recorded on its last day, an unpriced instrument at its declared basis) governs the admission cap and the transition figure for the current month, the day's aggregate is the check at the moment of admission.
- Article 3(1)
- A share is admitted only while its issuer's market capitalisation is below EUR 500,000,000.00, a bond or money-market instrument while its issue size is below EUR 1,000,000,000.00, a fund unit while its assets under management are below EUR 500,000,000.00.
- Article 3(2)
- No new instrument is admitted once the aggregate market value of all recorded instruments, at the moment of admission or as the Article 3(4) monthly average of the last complete month, reaches the admission cap.
- Article 3(3) and 3(4)
- At the transition figure the operator activates its transition strategy: the register is exported to a receiving infrastructure and the instruments leave the ledger in an orderly way. The decision reads the Article 3(4) monthly average of the last complete calendar month, per instrument the mean of its daily EUR closing prices over the days it was priced times the units recorded on its last day, summed across instruments (the one arithmetic the Valuation entry above states); a single day's live figure above the transition figure is a warning, not an activation.
- Reporting
- The operator records one valuation per instrument and calendar day and reports the month to its competent authority.