The European Securities and Markets Authority (ESMA) has published its annual transparency calculations for equity and equity-like instruments. These results will apply from 7 April 2025 to liquid shares and liquid equity-like instruments other than shares that are subject to transparency requirements under the Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR),
The calculations include “the determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds”. In-scope instruments currently amount to 1,283 for liquid shares and 1,003 for liquid equity-like instruments other than shares.
ESMA encourages market participants to “monitor the release of the transparency calculations for equity and equity-like instruments on a daily basis to obtain the estimated calculations for newly traded instruments and the four-weeks calculations applicable to newly traded instruments after the first six-weeks of trading”.
The full list of assessed instruments is available through ESMA’s Financial Instruments Transparency System (FITRS) and the register web interface. The transparency requirements will apply until 5 April 2026.
