ESMA has proposed draft RTS on transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives which incorporate some of the amendments proposed by the EU Commission on its text. ESMA will introduce a phased approach for the liquidity criterion 'average daily number of trades’ for "determining the liquidity status of bonds and for the trade percentile for determining the pre-trade size specific to the instruments for certain non-equity classes". In addition ESMA proposes a temporary increase of the issuance size of corporate bonds and covered bonds for the first liquidity assessment of newly issued bonds of those types and the threshold floors in order to ensure transparency. ESMA will also introduce an automatic phase-in approach with annual transition to the next stage, while still monitoring of the impact of the pre-trade transparency regime.