Skip to main content



Search form

ESMA publishes its CRA market share calculation

18 December 2015

The European Securities and Markets Authority (ESMA) has published its annual market share calculation for EU registered credit rating agencies (CRAs).

This calculation is required by Article 8d of the CRA Regulation, which aims to stimulate competition in the credit rating industry by encouraging issuers and related third parties to appoint smaller CRAs.

The market share calculation is designed to increase awareness of the different types of credit ratings offered by each registered CRA and to help issuers and related third parties considering appointing smaller CRAs. The calculation has been computed using CRAs’ 2014 revenues from credit rating activities and ancillary services at group level.

ESMA is considering whether further information would help issuers and related third parties to assess CRAs’ experience and invites market participants to provide feedback on the information it should present in future.