Featured Product

    ESMA Issues Interim Transparency Calculations for MiFID II

    July 03, 2017

    ESMA issued an opinion with the interim transparency calculations for non-equity instruments in relation to the implementation of the Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR). These calculations specify the transparency regime applicable to trading in secondary markets from January 03, 2018, when MiFID II will enter into force. ESMA also published the frequently asked questions, or FAQ, on MiFID II—Interim Transparency Calculations.

    Therefore, ESMA is publishing information on the liquidity classification of financial instruments and the sizes of large in scale (LIS) compared to normal market size and the size specific to the instrument (SSTI). ESMA issued these transparency calculations for all non-equity instruments, except for bonds, which have been classified as liquid, in accordance with the MIFID/MIFIR regulatory standards on transparency requirements. The transparency calculations are based on data submitted by EU trading venues. The publication of LIS and STTI thresholds per bond type, which had been planned for July 03, 2017, has been delayed, as ESMA needs to perform an additional quality review of the information submitted by third parties for this exercise. These interim calculations for bonds will now be published in August 2017.

     

    MiFID II introduces transparency requirements for bonds, structured finance products, emission allowances, and derivatives, with powers for national competent authorities to waive or defer the transparency obligations if instruments do not have a liquid market or if an order or transaction exceeds a certain size.

     

    Related Links

    News Release

    Interim Transparency Calculations

    FAQ on Interim Transparency Calculations (PDF)

    Regulatory Standards on Transparency Requirements (PDF)

    Keywords: Europe, ESMA, Securities, MiFID II, MiFIR, Transparency Calculations, Transparency Requirements

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681