The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 7 April 2025.
The calculations made available include:
- the liquidity assessment as per Articles 1 to 5 of CDR 2017/567;
- the determination of the most relevant market in terms of liquidity as per Article 4 of CDR 2017/587 (RTS 1);
- the determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds;
- the determination of the average value of the transactions and the related the standard market size; and
- the determination of the average daily number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime.
Currently, there are 1,283 liquid shares and 1,003 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements.
Market participants are invited to monitor the release of the transparency calculations for equity and equity-like instruments on a daily basis to obtain the estimated calculations for newly traded instruments and the four-weeks calculations applicable to newly traded instruments after the first six-weeks of trading.
ESMA’s annual transparency calculations are based on the data provided to Financial Instruments Transparency System (FITRS) by trading venues and approved publication arrangements in relation to the calendar year 2024.
The full list of assessed equity and equity-like instruments will be available through ESMA’s FITRS in the XML files with publication date from 28 February 2025 and through the Register web interface.
Next steps
The transparency requirements based on the results of the annual transparency calculations published from 1 March 2025 for equity and equity-like instruments will apply from 7 April 2025 until 5 April 2026. From 6 April 2027 the next annual transparency calculations for equity and equity-like instruments, to be published by 1 March 2026, will become applicable.
