On 14 December 2020, the European Securities and Markets Authority (ESMA) published its annual market share calculation for EU registered credit rating agencies (CRAs). The market share calculation is required to be published by ESMA on an annual basis in accordance with Article 8d(2) of the CRA Regulation. Its purpose is to assist issuers or related third parties in their identification of CRAs with no more than 10% total market share. As set out in recital 11 of the CRA Regulation, the purpose of Article 8d is to increase competition in the credit rating industry by encouraging issuers or related third parties to consider the appointment of smaller CRAs.