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ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments
ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments
Market dataTradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 6 April 2026.
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.euNew Q&As available
New Q&As available
CCPDigital Finance and InnovationFinancial reportingIssuer disclosureTransparencyThe European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers:
European crowdfunding service providers for business
Markets in Crypto-Assets Regulation (MiCA)
- Clarification on Withdrawal Requirements under Article 75 of MiCA for CASPs (2320)
- Calculation of fixed overheads (2349)
- Interests earned from client funds deposited at credit institutions (2486)
- Payouts in fiat currency by CASPs in the context of exchange services (2550)
- Overlap between offers of crypto-assets and placing (2551)
- Application of Title II requirements to CASPs operating a trading platform for crypto-assets (2552)
OTC derivatives, central counterparties and trade repositories (EMIR) – CCPs
- AAR threshold calculation (2418)
- AAR representativeness obligation (2776)
- AAR representativeness obligation (2777)
- AAR stress testing (2778)
- AAR threshold calculation (2779)
Transparency Directive
New Q&A (effective from 1 January 2027):
Updated Q&As (amendments effective from 1 January 2027):
ESMA issues a supervisory briefing on algorithmic trading
ESMA issues a supervisory briefing on algorithmic trading
TradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a supervisory briefing to support consistent supervision of algorithmic trading across the EU.
The briefing provides National Competent Authorities (NCAs) with practical tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II. It focuses on key areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and outsourcing of algorithmic trading systems.
Given the extended use of artificial intelligence in algorithmic trading, the briefing also touches upon these emerging technological developments, outlining considerations for the use of AI. This section aims to help supervisors assess new risks and ensure that firms adopt robust and responsible approaches when deploying advanced technologies in their trading operations.
As a nonbinding convergence tool, the briefing complements the existing requirements and supports NCAs in taking a harmonised approach to oversight.
Next steps
ESMA will share the supervisory briefing with NCAs to support day to day supervision. ESMA will continue to monitor market and technological developments and may update the briefing or develop further convergence tools as needed.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu26/02/2026 ESMA74-1505669079-10311Supervisory briefing on algorithmic trading in the EU ESMA consults on post-trade risk reduction services under EMIR 3
ESMA consults on post-trade risk reduction services under EMIR 3
Post TradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a consultation on the requirements for how post-trade risk reduction (PTRR) services can benefit from the conditioned exemption from the clearing obligation introduced under the European Market Infrastructure Regulation (EMIR 3).
ESMA is seeking feedback on several elements of the framework for the PTRR service providers to operate under the exemption, including transparency towards participants, algorithm safeguards, execution of PTRR exercises, controls to be performed and record keeping. Finally, the consultation describes how monitoring should be conducted by the relevant authorities.
The draft Regulatory Technical Standards (RTS) set out the requirements that PTRR services must meet for over-the-counter (OTC) derivative transactions to qualify for the exemption from the clearing obligation. They focus on the three main service types in use in the market today: compression, portfolio rebalancing and basis risk optimisation.
The RTS are designed to ensure that the exemption is not used to circumvent the clearing obligation, while considering simplification and burden reduction objectives by leveraging on current practices since the start of the EMIR 3 regime.
Next steps
Stakeholders are invited to provide feedback on the proposals set out in the consultation by 20 April 2026. The draft RTS will be submitted to the European Commission in Q4 2026.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euESMA sets out clearing thresholds under EMIR 3
ESMA sets out clearing thresholds under EMIR 3
Post TradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds (CTs) under EMIR 3. The proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter (OTC) derivative markets while avoiding unnecessary complexity and additional compliance burdens for market participants.
To reduce unnecessary complexity and burden, ESMA has:
- retained five CTs categories, avoiding additional categories or more granular thresholds;
- clarified the timing of calculation of positions, allowing counterparties to apply the new CTs during their usual assessment window or earlier, if they wish to benefit sooner from the new regime;
- enhanced stability and visibility in the mechanism triggering the review of the CT.
Additionally, ESMA suggests increasing the thresholds in the commodity, interest rate and credit derivatives asset classes compared to what was proposed in the Consultation Paper published in April 2025. These adjustments reflect recent price developments, inflation and other relevant market factors while ensuring a proportionate coverage of the systemic risk.
Although respondents to the consultation requested broader recognition of structured hedging arrangements, including virtual power purchase agreement (VPPAs), ESMA confirms that any change to the hedging exemption would require amendments at Regulation level and therefore cannot be addressed in these RTS.
As a reminder, entities active in OTC derivative markets and exceeding one or more CTs are subject to additional requirements, notably the clearing obligation.
Next steps
ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu25/02/2026 ESMA74-1049116226-944Final Report on the draft technical standards to further detail the new EMIR clearing thresholds regime
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