EUROPEAN UNION: ESMA Publishes Transitional Transparency Calculations in line with MIFID/MIFIR

Thursday December 7 2017

On 6th December 2017 the European Securities and Markets Authority (ESMA) published MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments.

This publication means that TTC for all asset classes, applicable from 3rd January 2018, are now available to market participants, infrastructures and authorities as required under the new regulatory framework.

ESMA, beginning in January 2018, will publish reference data, transparency calculations and double volume cap information on a regular basis. Moreover, the transaction reporting exchange mechanism, that allows information sharing among NCAs, will continue operating with the new regulation.

MiFID II’s implementing measures on transparency for financial instruments require National Competent Authorities (NCAs) to compute and publish transparency calculations on financial instruments, including transitional ones prior to the date of application of MiFIR.

NCAs from the European Economic Area (EEA), with the exception of Poland, have delegated to ESMA the compilation of TTC. ESMA has already provided TTC for non-equity instruments in July and September 2017.

More detailed information on TTC can be found in ESMA’s FAQ’s.

For additional information please click the link above