On 28 February 2020, the European Securities and Markets Authority made available the results of the annual transparency calculations for equity and equity-like instruments.

The calculations include:

• the liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567;
• the determination of the most relevant market in terms of liquidity (MRM) as per Article 4 of Commission Delegated Regulation 2017/587 (RTS 1);
• the determination of the average daily turnover (ADT) relevant for the determination of the pre-trade and post-trade large in scale (LIS) thresholds;
• the determination of the average value of the transactions (AVT) and the related the standard market size (SMS); 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.