Annual transparency calculations for non-equity instruments

MiFID II/MiFIR introduces transparency requirements for bonds and empowers competent authorities (CAs) to waive the obligation for market operators and investment firms operating a trading venue, to make public pre-trade information for non-equity instruments. Furthermore, transactions may also benefit from deferred publication. 

Commission Delegated Regulation 2017/583 (RTS 2) on transparency requirements for non-equity instruments requires the relevant competent authorities to publish information on the sizes large in scale compared to the standard market size (LIS) and the size specific to the instrument (SSTI) above which pre-trade transparency requirements can be waived and the publication of post-trade transparency information can be deferred.

ESMA has performed these calculations on behalf of the EEA-CAs which have delegated this task to ESMA.

File containing the LIS and SSTI thresholds for all bond types (except ETCs and ETNs)

File 12-month period start 12-month period end Application period start Application period end Last update published
 [LINK] 01 Jan 2018 31 Dec 2018 01 June 2019 31 May 2020 18 March 2019

The file in the table above contains the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds (except ETCs and ETNs) per bond type.

The results on a per ISIN basis will be published through the Financial Instruments Transparency System (FITRS) in the XML files (available here) and through the Register web interface (available here) starting on 30 April 2019. 

ESMA will publish until 31 May 2019 two records with this type of calculation per each ISIN (the one applicable until that date, and the one applicable starting on 1 June). To avoid any misinterpretation of the results, users of the calculations are kindly invited to review the FIRDS Transparency System downloading instructions document  in particular paragraph 28.


ESMA publishes the information with utmost care and to the best of its ability on the basis of the data provided by trading venues and approved publication arrangements (APAs) and National Competent Authorities regarding bond instruments. Therefore, ESMA has to rely on the trading venues, APAs and National Competent Authorities in respect of the completeness and accuracy of the submitted data. In addition, delays in the provision of the relevant data may affect the completeness and accuracy of the published information.
The publication of the information on this website does not prejudice the results of verifications on the completeness and correctness of the transposition of EU law into national law. 
This database contains also data related to European Economic Area (EEA) / European Free Trade Association (EFTA) States based on the notifications received by ESMA, the publication of which does not affect the status of incorporation of relevant EU law into the EEA Agreement and any related legal consequences.