December 20, 2017

ESMA published its annual market share calculation for the EU registered credit rating agencies (CRAs). The purpose of the market share calculation is to facilitate issuers and related third parties in their evaluation of a CRA with no more than 10% total market share in the EU.

The CRA Regulation, under Article 8d, specifies that issuers or related third parties are required to consider appointing a CRA with no more than 10% total market share whenever they intend to appoint one or more CRAs to rate an issuance or entity. The publication aims to guide the user through the requirements of Article 8d. It also provides background and guidance on how the market share calculation is performed and should be used. This market share calculation is valid for use from its date of publication and applicable until the date of publication of the next market share calculation in 2018. This document provides a list of CRAs registered in the EU alongside their percentage of total market share. It provides an overview of the type of credit ratings offered by each CRA registered in the EU, along with a breakdown (by type) of credit ratings as a percentage of the overall issuance of each CRA. The document also covers details on the Common Supervisory Approach and Standard Form adopted by ESMA members in respect of Article 8d. 

 

Related Link: Press Release

Keywords: Europe, EU, Securities, Market Share Calculation, CRA, CRA Regulation, ESMA

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