On 1 March 2022, 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 2022.

The calculations made available include the:

  • Liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation 2017/567 (CDR 2017/567).
  • Determination of the most relevant market in terms of liquidity as per Article 4 of CDR 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 the 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.