- Follows ESMA April 2019 updated transparency calculation schedule.
- Results of annual transparency calculations for equity and equity-like instruments.
- As announced on 6 March 2019, ESMA has started to make available the updated annual transparency calculations for equity / equity-like instruments; calculations include:
- Liquidity assessment as per Art 1 to 5 of CDR 2017/567; the determination of the
relevant market in terms of liquidity (MRM) under Art 4 of CDR 2017/587 (RTS 1).
- The determination of the average daily turnover (ADT) relevant for determination of the pre-trade and post-trade large in scale (LIS) thresholds; the determination of average value of transactions (AVT) and related the standard market size (SMS).
- And, the determination of the average daily number of transactions on the most
relevant market in terms of liquidity relevant for determination of tick-size regime.
- The updated results of the annual transparency calculations for equity and equity-like instruments shall apply from Jul. 8, 2019, until Mar. 31, 2020, and they reflect:
- The adjustment of the average daily number of transactions (ADNTE) on the most relevant market (or MRM) determining the tick-size regime for those shares whose main pool of liquidity is in a third country in accordance with CDR 2019/443.
- Late corrections of underlying data used to perform reporting entities' calculations.
- The data provided to financial instruments transparency system (FITRS) by trading venues / approved publication arrangements (APAs) regarding calendar year 2018.
- Adjustment of the most relevant market (MRM) in accordance with CDR 2017/590.
- In these updated results, there are 1,379 liquid shares, and 370 liquid equity-like
instruments other than shares subject to MiFID II/MiFIR transparency requirements.
- Full list of assessed equity and equity-like instruments will be available via FITRS in the XML files from Jun. 21, 2019, as well as through the register web interface.
- Apply from Jul. 8, 2019, until Mar. 31, 2020.