argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - annual transparency calculations - equity

On 23rd September, 2019, ESMA started to publish the updated annual transparency calculations for equity and similar instruments. Such reports refer to the calendar year 2018 and are based on the data that the Financial Instruments Transparency System (FITRS) obtained by trading venues and approved publication arrangements (APAs) and subsequently made available. ESMA maintains that there have been some mistakes in the trading venues reports, such as for TP ICAP UK MTF - CASH EQUITY (MIC: IMCE) and states that such mis-reporting practices could potentially affect the entire market. These practices were already tackled by the ESMA report of 7th July, 2019 and ESMA urges to take measures. Nonetheless the results of the annual transparency calculations will be held applicable until 31st March, 2020. ESMA also reminds us that the information contained in the calculations include: the liquidity assessment, the determination of the most relevant market in terms of liquidity, the determination of the average daily turnover relevant for the determination of the pre-trade and post-trade large in scale thresholds, the determination of the average value of the transactions and the related standard market size; and the 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.