ESMA Updates Transitional Transparency Calculations Under MiFID II

MiFID II/MiFIR introduces transparency requirements for equities, bonds, structured finance products, emission allowances, and derivatives, thus empowering the competent authorities to waive the obligation for market operators and investment firms operating a trading venue, to make public pretrade information for non-equity instruments. Furthermore, transactions in non-equity instruments may also benefit from deferred publication. In addition, for equity instruments, the regulation introduces a tick size regime. European Economic Area competent authorities, with the exception of Poland, have delegated to ESMA the computation of transparency calculations, including the transitional transparency calculations (TTC). To execute them, ESMA has compiled the information from trading venues of the member states.

Related Links

• Press Release
• Updated Transparency Calculations
• Calculations for Equity Derivatives (XLSX)
• Calculations for Equity Instruments (XLSX)
• Tick Size Band Assessments (XLSX)
• FAQ (PDF)

Keywords: Europe, EU, Securities, TTC, Transparency Calculations, MiFID/MiFIR, FAQ, ESMA