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Transparency Calculations

Transparency Calculations

MiFID II/MiFIR introduces transparency requirements for bonds, structured finance products, emission allowances and derivatives, empowering 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 in non-equity instruments may also benefit from deferred publication.

    Commission Delegated Regulation 2017/583 (hereafter referred to as RTS 2) on transparency requirements for non-equity instruments establishes that, 6 months prior to the date of application of MiFIR, CAs shall publish information on the liquidity classification of financial instruments and the sizes large in scale (LIS) compared to normal market size and the size specific to the instrument (SSTI).

    EEA CAs, with the exception of Poland, have delegated to ESMA the computation of transparency calculations including the transitional transparency calculations (TTC). To execute them, ESMA has compiled the information from Trading Venues of the Member States. Additionally, the Polish Authority (KNF) has submitted to ESMA the TTC for the instruments for which it is the CA.

    Please note that ISO 17442 Legal Entity Identifiers (LEIs) are not provided for some reference entities for single name CDS and issuers of the underlying bond for interest rate derivatives. ESMA would like to remind that the LEI will become a required mandatory identifier for such entities under the Commission Delegated Regulation (EU) 2017/585 and RTS 2 from 3 January 2018. Publication of the TTC is made without prejudice to the requirements envisaged in the above-mentioned Delegated Regulations full compliance with which is expected after MiFIR application date. Market participants are encouraged to ensure availability of LEIs for the respective reporting requirements in due course and sufficiently in advance of 3 January 2018. Further information about LEIs may be obtained here:

    The list below contains the asset classes as defined in the Regulation and provides hyperlinks to data files containing the outcomes of the TTC for all non-equity instruments that have been classified as liquid in accordance with RTS 2. Please note that previous versions of the TTC files for Credit Derivatives and Equity Derivatives Part I were published by ESMA on 3 July 2017.  After the detection of quality limitations these files have been updated and re-published by ESMA on 11 September 2017. For further information on the changes in these TTC files, please ​refer to the FAQ.

    ESMA has performed these calculations with utmost care and to the best of its ability. Given the scope and complexity of the calculations, including the various underlying data sources, changes of the results after the initial publication can however not be excluded. ESMA expects to continuously supplement and update the information provided where necessary. Any future up-date will be published on the ESMA webpage  accompanied by specific information in the ESMA News section.  To receive notifications in the case of updates of the calculations or the FAQ document, please register on the Notification page and choose section MiFID II Transparency Calculations.

    In addition to the above provisions, attention is also drawn to the Legal Notice on the ESMA website.

    FAQ - latest update 18.10.2017

    You can find more information on the content of the files in the FAQ document. This document may be updated in the future to cover additional questions from the public.

    For further questions, please contact

    List of asset classes in RTS 2 and available link to the TTC

    Asset class

    Details Link to regulation


    All bond types except ETCs and ETNs              

    Table 2.3 in RTS 2  

    Bonds ETC and ETN bond types Table 2.4 and 2.5 in RTS 2
    SFPs Not having a liquid market Attachment not available
    Securitised derivatives Considered to have a liquid market Attachment not available
    Interest rate derivatives   Table 5.1 and 5.2 in RTS 2
    Equity derivatives I   Table 6.2 in RTS 2
    Equity derivatives II Not having a liquid market Attachment not available
    Commodity derivatives   Table 7.1 and 7.2 in RTS 2
    Foreign exchange derivatives Considered not to have a liquid market Attachment not available
    Credit derivatives   Table 9.1 and 9.2 in RTS 2
    C10 derivatives Not having a liquid market Attachment not available
    CFDs   Table 11.1 and 11.2 in RTS 2
    Emission allowances   Table 12.1 and 12.2 in RTS 2
    Emission allowances derivatives   Table 13.1 and 13.2 in RTS 2