ESMA Updates Transitional Transparency Calculations Under MiFID II
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.
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
Previous Article
IMF Reports on 2018 Article IV Consultation and FSSA with BelgiumRelated Articles
FSB Sets Out Effective Practices for Cyber Incident Recovery
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB Sets Out Roadmap for Transition to Alternative Reference Rates
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury Publishes Response to Proposal on BRRD2 Transposition
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury Publishes Response to Proposal on CRD5 Transposition
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
BoE Publishes Reporting Schedule for Statistical Returns
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC Welcomes Declaration by Member States on EU Cloud Federation
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
PRA Updates Supervisory Statement on Counterparty Credit Risk
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB Publishes Update on Work to Address Market Fragmentation
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).
