ESMA and FI publish transparency calculations for MiFIR/MiFID II

2017-12-07 | ESMA News MiFID Markets

ESMA, the European Securities and Markets Authority, has published transparency calculations for equities and bonds prior to the entry into force of MiFIR/MiFID II on 3 January 2018. FI will also publish some supplementary calculations.

The transparency calculations are used to determine the possibility for receiving exemption from the requirement on pre-trade transparency and deferring the post-trade disclosure of information about transactions. ESMA has published transparency calculations today that include:

  • equities, admitted for trading as per 13 September 2017 on European trading venues, in accordance with the transition provisions in Article 19 of Commission Delegated Regulation (EU) 2017/587 (RTS 1), and
  • bonds (liquidity assessment), admitted for trading as per 31 October 2017 on European trading venues, in accordance with the transition provisions in Article 18 of Commission Delegated Regulation (EU) 2017/583 (RTS 2).

FI has supplemented the transparency calculations for equity instruments admitted for trading on a Swedish trading venue during the period 13 September - 24 October 2017. See Finansinspektionen's supplementary transparency calculations for equity instruments.

In addition, ESMA and FI are publishing information about tick size for the equities covered by the published transition calculations above in accordance with Article 5(1)(a) of Commission Delegated Regulation (EU) 2017/5887 (RTS 11). This information is found in the file for the transparency calculations.

ESMA published transparency calculations for other classes of financial instruments on 3 July 2017 and 11 July 2017 that supplement the above calculations.
See ESMA's supplemental calculations 3 July and ESMA's supplemental calculations 11 July.

On 29 December 2017, FI will publish transparency calculations for remaining equities and bonds admitted for trading on a Swedish trading venue in November and December 2017.

On 8 January, 2018, ESMA will publish a summary of the transparency calculations carried out by the national supervisory authorities for equities and bonds admitted for trading in November and December 2017.

The transparency calculations are based on trading data prior to the entry into force of MiFIR/MiFID II and apply from 3 January 2018 to 15 May 2018 for bonds (liquidity assessment), to 31 March 2019 for equity instruments and to 31 May 2019 for other classes of non-equity instruments.

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