On June 21, 2019, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available updated results of the annual transparency calculations for equity and equity-like instruments.
The results are published pursuant to delegated regulations under the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The calculations include:
- Liquidity assessments.
- The determination of the most relevant market in terms of liquidity (MRM).
- The determination of the average daily turnover (ADT) relevant for the determination of the pre-trade and post-trade large in scale (LIS) thresholds.
- The determination of the average value of the transactions (AVT) and the related standard market size (SMS).
- The determination of the average daily number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime.
The full list of assessed equity and equity-like instruments is available through ESMA’s financial instruments transparency system (FITRS).
The updated results apply from July 8, 2019 to March 31, 2020. The next annual transparency calculations are due to be published by March 1, 2020 and will become applicable from April 1, 2020.
ESMA’s press release, including links to FITRS, is available here.