On 1 March 2021, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2021.
The calculations made available include the:
- Liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567.
- Determination of the most relevant market in terms of liquidity as per Article 4 of Commission Delegated Regulation 2017/587 (RTS 1).
- Determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds.
- Determination of the average value of the transactions and the related standard market size.
- 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 transparency requirements based on the results of the annual transparency calculations published from 1 March 2021 for equity and equity-like instruments will apply from 1 April 2021 until 31 March 2022. From 1 April 2022 the next annual transparency calculations for equity and equity-like instruments, to be published by 1 March 2022, will become applicable.
