The European Securities and Markets Authority (ESMA), the EU’s direct supervisor of credit rating agencies (CRAs), has registered today DBRS Ratings GmbH (DBRS RG) as a CRA under the CRA Regulation. The registration takes effect from 14 December 2018.

DBRS RG is based in Germany and intends to issue:

• sovereign and public finance ratings;
• structured finance ratings; and
• corporate ratings of financials and non-financials

DBRS RG belongs to a group of CRAs and intends to endorse ratings issued by...

The European Securities and Markets Authority (ESMA) has today published its Final Report amending the tick size regime (Commission Delegated Regulation (EU) 2017/588 (RTS 11)). The proposed draft amendments to RTS 11 will allow National Competent Authorities (NCAs) of European Union (EU) trading venues, where third-country shares are traded, to decide on an adjusted average daily number of transactions (ADNT) on a case-by-case basis in order to take into account the liquidity available on third country venues in the calibration of tick sizes.

The minimum tick size, under RTS 11, applicable to shares and depositary receipts is calibrated to the ADNT on the most liquid market in the EU. While this metric appears to be an adequate liquidity indicator for the vast majority of equity instruments, experience since MiFID II’s implementation...