ESMA publishes MiFID2 transparency calculations

Published: 11 December 2017


On 6 December 2017, ESMA published the transparency calculations relevant in relation to:

  • Competent Authorities’ ability to waive obligations for market operators and firms operating a venue to publish pre-trade information for non-equity instruments;
  • the deferred publication arrangements for non-equity instruments; and
  • the tick size regime, which will also be relevant for the purposes of RTS 28 reporting.

ESMA has provided a list of asset classes with the relevant links, specifically including:

  • the equity transitional transparency calculations (TTC) and tick size band assessment for both liquid and non-liquid instruments, in accordance with RTS 1 and RTS 11;
  • the bond liquidity assessment, except for Exchange Traded Commodities and Exchange Traded Notes, for both liquid and non-liquid instruments, in accordance with RTS 2; and
  • the asset classes as defined in the Regulation and providing hyperlinks to data files containing the outcomes of the TTC for all non-equity instruments that have been classified as liquid in accordance with RTS 2.

ESMA has advised that, in order to receive notifications in the case of updates of the calculations, firms should register on the Notification page and select ‘MiFID II Transparency Calculations.’

If members have any questions, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.