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December 06, 2017

ESMA published the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. TTC for all asset classes, which are applicable from January 03, 2018, are now available to market participants, infrastructures, and authorities, as required, under the new regulatory framework. The equity instruments TTC will apply until March 31, 2019 and the bond instruments (liquidity assessment) TTC will apply until May 15, 2018. ESMA also published frequently asked questions (FAQ) on MiFID II TTCs.

The TTC for equity instruments have been calculated on the basis of the collection, review and compilation of data provided by 133 trading venues located in the EEA. As a result 1,907 equity instruments, out of 28,971, have been found to have a liquid market. ESMA has used the submitted data to provide the trading activity indicators required for the calculation of tick sizes for shares and depository receipts by trading venues and national competent authorities. For bonds, except Exchange Traded Commodities and Exchange Traded Notes, ESMA publishes the liquidity assessment for individual instruments. The calculations were performed by ESMA, using data provided by 116 trading venues and the transitional calculations have also incorporated information on OTC markets using information from TRAX. As a result, 566 bond instruments, out of 61,761, have been found to have a liquid market according to the MiFIR criteria.

The execution of the TTC has been delegated to ESMA by the national competent authorities from the European economic area (except Poland), who have also approved the final results. The TTC includes equity instruments available for trading in September 2017 and bonds available for trading in October 2017. The TTC for instruments listed after these dates will be performed by national competent authorities and ESMA will publish that information in January 2018. ESMA expects to continuously supplement and update the information provided, where necessary. ESMA, beginning in January 2018, will publish reference data, transparency calculations, and double volume cap information on a regular basis. ESMA had already provided TTC for non-equity instruments in July and September 2017.

 

Related Link: Transparency Calculations and FAQ

 

Keywords: Europe, EU, Securities, Transitional Transparency Calculation, MiFID II, MiFIR, ESMA

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