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ESMA publishes data for quarterly bond liquidity assessment
ESMA publishes data for quarterly bond liquidity assessment
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the new quarterly liquidity assessment of bonds.
As indicated in the public statement of 27 March 2024, the quarterly liquidity assessment of bonds will continue to be published by ESMA. Further details are provided on the relevant webpages of the calculations.
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 1,346 liquid bonds subject to MiFID II transparency requirements.
ESMA’s liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. 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 ESMA’s Financial Instruments Transparency System (FITRS), which shall be applicable the day following publication.
The full list of assessed bonds is now available through FITRS in the XML files with publication date from 1 August 2025 (see here) and through the Register web interface (see here).
ESMA also publishes two completeness indicators related to bond liquidity data.
The transparency requirements for bonds deemed liquid today will apply from 18 August to 16 November 2025. The application dates reflect the provisions of the RTS 2 (see the news item for more details).
ESMA prepares for switch toward single volume cap in October 2025
ESMA prepares for switch toward single volume cap in October 2025
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, announced today the update of the volume cap system, that will pass from the previous double volume cap mechanism (DVCM) to a “single” volume cap mechanism (VCM) in October, according to the changes introduced by the Markets in Financial Instruments Regulation Review (MiFIR Review).
The new VCM limits at 7% the trading volume under the reference price waiver in the EU, compared to the total aggregated trading volume in the EU over the last 12 months for each equity and equity-like financial instrument. If the limit is exceeded, trading venues will need to suspend the use of the waiver for the concerned instrument for a period of three months.
Trading venues must base their decision to suspend the waiver use on the data published by ESMA under the dedicated VCM webpage.
Technical reporting changes
To reduce reporting burden of entities, the future VCM calculations will be based on transaction reporting data collected by National Competent Authorities (NCAs). Therefore, the DVCM reporting system will be decommissioned in January 2026.
To reflect these changes, ESMA has submitted for adoption the amendment to the Regulatory Technical Standard 3 (RTS 3). Even in case the RTS 3 revision is not yet in place at that moment, the VCM switch will occur at the announced date.
ESMA is currently preparing the new VCM data system. For more details about the formats and templates, please consult the dedicated VCM webpage.
Next steps
ESMA encourages all interested parties to prepare for the change in requirements in line with the new VCM becoming active in Q4 2025. The first publication of the calculation results is expected for 9 October 2025.
Further information:
Cristina Bonillo Olivares
Senior Communications Officer
press@esma.europa.euNew Q&As available
New Q&As available
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers:
Markets in Crypto-Assets Regulation (MiCA)
Undertakings for Collective Investment in Transferable Securities Directive (UCITS)
ESMA publishes latest edition of its newsletter
ESMA publishes latest edition of its newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets in its June and July edition highlights our efforts towards streamlining financial transaction reporting. We are gathering feedback on how to simplify financial reporting and funds’ data reporting.
Moving to the crypto area, ESMA identified opportunities to strengthen MiCA authorisation. The latest Peer Review analysed the approaches adopted by the Malta Financial Services Authority (MFSA). While there is overall a good level of supervisory engagement within the authority, we underlined certain areas for improvement.
Moreover, the thematic notes outline four guiding principles on making sustainability claims used in non-regulatory communications. It also offers practical do’s and don’ts, illustrated through concrete examples of good and poor practices, based on observed market practices.
In the course of 2023 and 2024, ESMA, together with the National Competent Authorities (NCAs), carried out the Common Supervisory Action (CSA) on the integration of sustainability risks and disclosures in the investment management sector. The level of compliance with the framework on the integration of sustainability risks and disclosures is overall satisfactory, but there remain opportunities for improvement.
Other key publications:
- Ediphy (fairCT) to become the first Consolidated Tape Provider for bonds
- Advice on eligible assets for UCITS
- Report on the functioning and review of the DLT Pilot Regime
- Final report on the active account requirement under EMIR 3
- Advice and recommendations to streamline prospectuses
- Statement warning investors of the risk when CASPs offer both regulated and unregulated products
- Final Report on the Guidelines for the criteria on the assessment of knowledge and competence under the MiCA
The newsletter also features an overview of open consultations. For updates, follow us on LinkedIn and X.
18/07/2025 ESMA NewsletterNewsletter June and July 2025 ESAs publish a guide on DORA Oversight activities
ESAs publish a guide on DORA Oversight activities
The European Supervisory Authorities (EBA, EIOPA, ESMA – the ESAs) today published a guide on oversight activities under the Digital Operational Resilience Act (DORA). The aim of this guide is to provide an overview of the processes used by the ESAs through the Joint Examination Teams (JET) to oversee critical Information and communication technology (ICT) third party service providers (CTPPs).
This guide provides high-level explanations to external stakeholders regarding the CTPP Oversight framework. Furthermore, it provides an overview of the governance structure, the oversight processes, the founding principles and the tools available to the overseers.
However, the guide is not a legally binding document and does not replace the legal requirements laid down in the relevant applicable EU law.
The ESAs invite the public, financial entities and, crucially, third-party providers to use this document to prepare for the oversight implementation.
Additional information on the oversight implementation:
For more information on the implementation of the DORA Oversight framework, please refer to this presentation.
Further information:
Cristina Bonillo Olivares
Senior Communications Officer
press@esma.europa.eu15/07/2025 JC 2025 29DORA Guide on oversight activities
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