On 2 May 2023, the European Securities and Markets Authority (ESMA) published the results of its annual transparency calculation for non-equity instruments, the quarterly liquidity assessment of bonds and the quarterly systemic internaliser (SI) calculations under MiFID II and MiFIR.
The results for the liquid and illiquid sub-classes will be published in XML format from 29 April 2023. The transparency requirements based on the results of the annual transparency calculations for non-equity instruments apply from 1 June 2023 until 31 May 2024. From 1 June 2023, the results of the next annual transparency calculations for non-equity instruments, to be published by 30 April 2023, will become applicable.
Furthermore, ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,137 liquid bonds subject to MiFID II transparency requirements. The transparency requirements for bonds deemed liquid will apply from 16 May 2023 to 15 August 2023.
The data for the SI quarterly calculation is made available through FITRS in the XML files from 28 April 2023. The results for equity and equity-like instruments are published only for instruments for which trading venues submitted data for at least 95% of all trading days over the 6-month observation period. Investment firms are required to perform the SI test by 15 May 2023.