argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - equity instruments - transparency

On March 1^st, 2021, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued the official results of its survey and calculations on annual transparency for what concerns equity and equity-like instruments. These new calculations on transparency will be in force from April 1^st, 2021, as ESMA affirmed, and they are inclusive of the liquidity assessment as per articles 1 to 5 of CDR 2017/567, the determination of the most relevant market in terms of liquidity as per Article 4 of CDR 2017/587 (RTS 1), 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 the standard market size and the determination of the average daily transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime. The new calculations, that ESMA advises to look into to all markets participants, are obtained through the data provided to Financial Instruments Transparency System and they are referred to the year 2020.