ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments

The calculations made available include:

• 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 number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime.

Market participants are invited to monitor the release of the transparency calculations for equity and equity-like instruments on a daily basis to obtain the estimates for newly traded instruments and the four-weeks calculations applicable to newly traded instruments after the first six-weeks of trading. 

The full list of assessed equity and equity-like instruments is available through ESMA’s FITRS in the XML files with publication date from 27 February 2026 (see here) and through the Register web interface (see here). 

ESMA also recalls that the application of the remaining revised rules on transparency of equity and equity-like financial instruments included in RTS 1 are applicable from 2 March 2026.

Next steps

The transparency requirements are based on the results of the annual transparency calculations published from 27 February 2026 for equity and equity-like instruments will apply from 6 April 2026 until 4 April 2027. The next annual transparency calculations for equity and equity-like instruments, to be published by 1 March 2027, will become applicable from 5 April 2027.

Further information:

Cristina Bonillo

Senior Communications Officer
press@esma.europa.eu