On Feb. 28, 2025, EU ESMA issued results of annual transparency calculations for equity and equity-like instruments, which will apply from Apr. 7, 2025.
Currently, there are 1,283 liquid shares and 1,003 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements; more details.
Market participants to monitor release of transparency calculations for equity, equity-like instruments daily to obtain estimated calculations for newly traded instruments, 4-weeks calculations applicable to newly traded instruments after 1st 6-weeks of trading.
Full list of assessed equity, equity-like instruments will be available atESMA’s FITRS in XML files with publication date from Feb. 28, 2025 and via Register web interface.
Transparency requirements based on results of annual transparency calculations published from Mar. 1, 2025 for said instruments, apply Apr. 7, 2025 until Apr. 5, 2026.
From Apr. 6, 2027, next annual transparency calculations for equity and equity-like instruments, to be published by Mar. 1, 2026, will become applicable.
On Mar. 1, ESMA issued calculation for equity and equity-like units.
ESMA published the results of the annual transparency calculations for all equity and equity-like instruments applicable Apr. 1, 2024, under MiFID/MiFIR transparency rules.
Follows ESMA Mar. 2023 issued annual transparency calculations results, see #164878.
Calculation Overview
The calculations made available include the liquidity assessment as per Articles 1 to 5 of CDR 2017/567, as well as calculating the determination of the most relevant market in terms of liquidity as per Article 4 of Reg 2017/587 (RTS 1), as formally required.
Also, the determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds, as well as the determination of the average value of the transactions, and all of the related the standard market size.
In addition to determination of average daily number of transactions on most relevant market in terms of liquidity relevant, for the determination of current tick-size regime.
At present there are 1,193 liquid shares and 914 liquid equity-like instruments other than shares, that are currently subject to MiFID II/MiFIR transparency requirements.
Market participants can monitor release of transparency calculations for equity and equity-like instruments on a daily basis to obtain the estimated calculations for newly traded instruments and four-weeks calculation applicable to newly traded instruments.
Transparency calculations are based on data in the Financial Instruments Transparency System (FITRS) by trading venues and approved publication arrangements for 2023.
The full list of assessed equity and equity-like instruments will be available in FITRS in XML files with the publication Mar. 1, 2024, and through the Register web interface.
Next Steps
Transparency requirements based on results of the annual transparency calculations published Mar. 1, 2024 for equity and equity-like instruments apply until Apr. 6, 2025.
From Apr. 7, 2025 the next annual transparency calculations for equity and equity-like instruments, that are to be published as of Mar. 1, 2025, will then become applicable.
Feb. 2025 Results
On Feb. 28, 2025, EU ESMA issued results of annual transparency calculations for equity and equity-like instruments, which will apply from Apr. 7, 2025.
Currently, there are 1,283 liquid shares and 1,003 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements; more details.
Market participants to monitor release of transparency calculations for equity, equity-like instruments daily to obtain estimated calculations for newly traded instruments, 4-weeks calculations applicable to newly traded instruments after 1st 6-weeks of trading.
Full list of assessed equity, equity-like instruments will be available atESMA’s FITRS in XML files with publication date from Feb. 28, 2025 and via Register web interface.
Transparency requirements based on results of annual transparency calculations published from Mar. 1, 2025 for said instruments, apply Apr. 7, 2025 until Apr. 5, 2026.
From Apr. 6, 2027, next annual transparency calculations for equity and equity-like instruments, to be published by Mar. 1, 2026, will become applicable.
