ESMA makes available the results of the annual transparency calculations for equity and equity-like instruments

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2022.

Currently, there are 1,200 liquid shares and 976 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements.

Due to technical and data quality issues in the data reported for the liquidity assessment, ESMA could not validate the transparency calculations for certain shares. The impact is limited and ESMA intends to complement today’s publication on 8 April 2022 for a maximum of 250 shares.

The transparency parameters that will be published on 8 April should apply from 11 April 2022.

For all equity instruments subject to the annual transparency calculations but for which the results were not published today, as per Q&A #3 in Section 3 Equity transparency, the following temporary parameters should be applied until the publication for all parameters is available:

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 2021.

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 1 March 2022 (see here) and through the Register web interface (see here).

The transparency requirements based on the results of the annual transparency calculations published from 1 March 2022 for equity and equity-like instruments will apply from 1 April 2022 until 31 March 2023. From 1 April 2023 the next annual transparency calculations for equity and equity-like instruments, to be published by 1 March 2023, will become applicable.