ESMA publishes the annual transparency calculations for non-equity instruments and bond liquidity data
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the results of the annual transparency calculations for non-equity instruments and new quarterly liquidity assessment of bonds under MiFID II and MiFIR.
As indicated in ESMA’s public statement of 27 March 2024, the quarterly liquidity assessment of bonds as well as the data for the quarterly systematic internalisers will continue to be published by ESMA. Further details are provided in the relevant webpages of the calculations.
Annual transparency calculations for non-equity instruments
The results of the annual transparency calculations for non-equity instruments will apply from 2 June 2025. The calculations include the liquidity assessment and the determination of the pre- and post-trade size specific to the instruments and large in scale thresholds.
The results for the liquid and illiquid sub-classes will be published in XML format from 30 April 2025 (here) and related instructions on their download can be found in the Transparency System downloading instructions. The results at ISIN level will be available through the Financial Instruments Transparency System (FITRS) in the XML files also from 30 April 2025 (see here) and through the Register web interface (see here).
The transparency requirements based on the results of the annual transparency calculations for non-equity instruments apply from 2 June 2025 until 31 May 2026.
Bonds quarterly liquidity assessment
ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,371 liquid bonds subject to MiFID II transparency requirements. The transparency requirements for bonds deemed liquid will apply from 19 May 2025 to 17 August 2025.
The results at ISIN level are available through the Financial Instruments Transparency System (FITRS) in the XML files from 30 April 2025 (see here) and through the Register web interface (see here).
ESMA is also publishing two completeness indicators related to bond liquidity data.
ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in the FITRS, which shall be applicable the day following publication.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu