On 2 October 2019, EU ESMA updated its FAQs on transparency and market structures.

• Updated FAQ for transparency issues (S 3 Equity transparency Q5) clarifies that for ETFs there is only one average daily turnover (ADT) band from which to choose the highest threshold to be used to calculate the average value of transactions (AVT).
• The amended FAQ for market structures issues (Tick size regime Q11) clarifies how to interpret the application of the tick size regime to periodic auctions.