Annual transparency calculations for non-equity instruments
MiFID II/MiFIR introduces transparency requirements for bonds and other non-equity instruments. It also empowers competent authorities (CAs) to waive the obligation for market operators and investment firms operating a trading venue, to make public pre-trade information. 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 liquidity assessment and 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.
Bonds
| File | 12-month period start | 12-month period end | Application period start | Application period end | Last update published |
|---|---|---|---|---|---|
| [LINK] | 01 Jan 2022 | 31 Dec 2022 | 01 June 2023 | 2 June 2024(*) | 2 May 2023 |
(*) Commission Delegated Regulation (EU) 2023/ of 17 January 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments.
The results on a per (i) ISIN and (ii) bond type basis are published through the Financial Instruments Transparency System (FITRS) in the XML files ahead of the application date by 30 April of each year.
The results in such format will no longer be available from the next publication in year 2024.
To avoid any misinterpretation of the results, users of the calculations are kindly invited to consult Section 4 Non-equity transparency of the Questions and Answers on MiFID II and MiFIR transparency topics and to review the FIRDS Transparency System downloading instructions document in particular paragraphs 33 and 34.a. Indeed, ESMA may publish until 31 May of each year (Y) two records with this type of calculation for the same ISIN: the one applicable until that date (with reporting period Y-2), and the one applicable starting on 1 June Y (with reporting period Y-1).
From 30 April 2021, the calculations were performed using the parameter under stage 2 as per Commission Delegated Regulation (EU) 2021/529 of 18 December 2020.
From 30 April 2022, the calculations are performed using the parameter under stage 3 as per Commission Delegated Regulation (EU) 2022/629 of 12 January 2021.
Historical data of 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 |
| [LINK] | 01 Jan 2019 | 31 Dec 2019 | 01 June 2020 | 31 May 2021 | 18 March 2020 |
| [LINK] | 01 Jan 2020 | 31 Dec 2020 | 01 June 2021 | 31 May 2022 | 30 April 2021 |
| [LINK] | 01 Jan 2021 | 31 Dec 2021 | 01 June 2022 | 31 May 2023 | 3 May 2022 |
Non-equity instruments other than bonds
| File | 12-month period start | 12-month period end | Application period start | Application period end | Last update published |
|---|---|---|---|---|---|
| [LINK] | 01 Jan 2022 | 31 Dec 2022 | 01 June 2023 | 2 June 2024(*) | 2 May 2023 |
(*) Commission Delegated Regulation (EU) 2023/ of 17 January 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments.
The results on a per (i) ISIN for both liquid and illiquid financial instruments and (ii) per sub-class/sub-asset class basis for liquid classes only, will be made available immediately through the Financial Instruments Transparency System (FITRS) in the XML files (available here) and through the Register web interface (available here) ahead of the application date and by 30 April of each year.
The results in such format will no longer be available from the next publication in year 2024.
To avoid any misinterpretation of the results, users of the calculations are kindly invited to consult Section 4 Non-equity transparency of the Questions and Answers on MiFID II and MiFIR transparency topics and to review the FIRDS Transparency System downloading instructions document.
Historical data of the liquidity and LIS and SSTI thresholds for all non-equity instruments other than bonds
| File | 12-month period start | 12-month period end | Application period start | Application period end | Last update published |
| [LINK] | 01 Jan 2019 | 31 Dec 2019 | 15 September 2020 | 31 May 2021 | 15 July 2020 |
| [LINK] | 01 Jan 2020 | 31 Dec 2020 | 1 June 2021 | 31 May 2022 | 30 April 2021 |
| [LINK] | 01 Jan 2021 | 31 Dec 2021 | 1 June 2022 | 31 May 2023 | 29 April 2022 |
Template for Non-Equity Publications from 15 July 2020
| File | Last Published |
|---|---|
| [LINK] | 29 April 2020 |
Disclaimer
ESMA publishes the information with utmost care and to the best of its ability based on the data provided by trading venues and approved publication arrangements (APAs) and National Competent Authorities regarding all non-equity financial 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.