August 06, 2018

ESMA published an updated version of the transitional transparency calculations (TTC) under the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR). The update relates to the transitional transparency calculations for equity derivatives, equity and equity-like instruments, and tick size band assessment. ESMA also updated the frequently asked questions (FAQ) on TTC under MiFID II. Trading venues are expected to apply the new results from August 13, 2018.

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.


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

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