On 1 March 2019, the European Securities and Markets Authority (ESMA) announced that it had 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 supplementing MiFIR;
• the determination of the most relevant market in terms of liquidity as per Article 4 of Commission Delegated Regulation 2017/587 supplementing MiFIR;
• 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 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.

The full list of assessed equity and equity-like instruments will be available through ESMA’s Financial Instruments Transparency System in the XML files with publication date from 1 March 2019 and through the Register web interface.