E.U. – ESMA Transparency For MiFID

E.U. – ESMA Transparency For MiFID

On 22 December, ESMA issued MiFID transparency for equity, bonds.

  • Updated MiFID transitional transparency calculations (TTC), for equity and bonds.

December 2017 Revisions

  • For change in classification of instruments, resubmission of data, by some venues.
  • New version should be used by participants, infrastructures from 3 January 2018.
  • MiFID require NCAs compute and publish transparency calculations of instruments.
  • Including providing transitional calculation prior to the date of application of MiFIR.
  • NCAs from EEA, except Poland, have delegated to ESMA, compilation of their TTC.
  • ESMA already provided TTC for non-equity instruments in September. 2017.
  • ESMA has performed these calculations with due care and to the best of its ability.
  • Given their complexity and data sources, future corrections of cannot be ruled out.
  • ESMA expected to continuously supplement and update information, as necessary.

Effectiveness

  • TTC applied from 3 January 2018, equity TTC to 31March 2019, bonds to 15 May 2018.