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ESMA publishes the annual transparency calculations for non-equity instruments and bond liquidity data
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.euESMA report shows increased data use across EU and first effects of reporting burden reduction efforts
ESMA report shows increased data use across EU and first effects of reporting burden reduction efforts
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today the fifth edition of its Report on the Quality and Use of Data. The report reveals how the regulatory data collected has been used by authorities in the EU and provides insight on actions taken to ensure data quality.
The document presents concrete cases on data use ranging from market monitoring to supervision, enforcement and policy making. A recent example includes how ESMA reutilises existing data to support reporting burden reduction (i.e. use of MIFIR transaction data to perform the transparency and volume cap calculations).
The report highlights ESMA's Data Platform and ongoing improvements to data quality frameworks as key advancements in tools and technology for data quality.
In addition, it contains other advances as:
- the data quality developments for datasets as the EMIR REFIT go-live,
- the successful outcome of a newly implemented data quality framework on short-selling data,
- the implementation of first steps in improving the accessibility and use of ESEF data by NCAs.
This edition also gives an overview of the sanctions imposed by the NCAs on reporting obligations, showcasing another tool that can be used as part of their supervisory and enforcement toolkit.
Next Steps
A webinar to present the report in detail will be held on 15 May from 11:00 -12:00 CET. To attend, please register here.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu30/04/2025 ESMA12-1209242288-856Report on Quality and Use of Data 2024 ESMA issues supervisory guidelines to prevent market abuse under MiCA
ESMA issues supervisory guidelines to prevent market abuse under MiCA
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today guidelines on supervisory practices to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCA).
Based on ESMA's experience under Market Abuse Regulation (MAR), the guidelines intended for National Competent Authorities (NCAs) include general principles for effective supervision and specific practices for detecting and preventing market abuse in crypto assets. They consider the unique features of crypto trading, such as its cross-border nature and the intensive use of social media.
The guidelines set out general principles requiring supervisory activity to be risk-based and proportionate, and set the objective for NCAs to build a common supervisory culture specific for crypto assets through an open dialogue with the industry and interactions with other NCAs.
The guidelines aim to support consistent and efficient supervisory practices among NCAs, ensuring a common supervisory culture for crypto assets.
Next steps
The Guidelines will be translated into all EU languages and published on ESMA’s website and will start applying three months after that date. However, ESMA recommends that NCAs already start implementing the principles included in the guidelines whilst waiting for the translations.
Within two months of the date of publication of the Guidelines on ESMA’s website in all EU official languages, competent authorities to which these guidelines apply must notify ESMA whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu29/04/2025 ESMA75-453128700-1408Final Report on the Guidelines on supervisory practices for competent authorities to prevent and detect market abuse under MiCA ESMA assesses the risks posed by the use of leverage in the fund sector
ESMA assesses the risks posed by the use of leverage in the fund sector
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes its annual risk assessment of leveraged alternative investment funds (AIFs) and its first analysis on risks in UCITS using the absolute Value-at-Risk (VaR) approach. Both articles represent ESMA’s work to identify highly leveraged funds in the EU investment sector and assess their potential systemic relevance.
While most EU investment funds make limited use of leverage, a subset of AIFs are substantially leveraged, and a group UCITS using the absolute VaR approach has very high levels of gross leverage.
Risk assessment of leveraged AIFs shows that hedge funds display the highest levels of leverage, even though they represent a small part of the EU fund industry. The real estate (RE) funds are under pressure in some jurisdictions due to the combination of declining real estate prices and outflows from some funds, but in general the RE fund sector has been resilient at EU level. The assessment of GBP Liability-Driven Investment (LDI) funds, which gain leveraged exposures to the UK government bond market, shows that imposing limits to the interest rate risk they can take successfully increased the resilience of the sector, and even resulted in a decline of leverage for some funds.
In a new analysis, ESMA reports that UCITS using the absolute VaR approach to manage their risk profile account for around 8% of the UCITS universe. These funds follow a heterogeneous range of investment strategies and can increase their exposures using derivatives. Withing this group, a subset of funds shows risk profiles and characteristics more commonly associated with hedge funds, such as complex derivative exposures with high levels of gross leverage and heightened sensitivity to market conditions. These funds tend to be exposed to risks related to liquidity imbalances and complexity, and some have higher risks than hedge funds. While this subset is small (2% of the UCITS segment), they have a larger volume of assets than EU hedge funds.
The diversity of strategies and relatively fragmented manager base in the VaR UCITS segment reflects a dynamic market but also underscores the importance of close supervisory attention to ensure risks are properly understood and managed.
Further information:
Aleksandra Bojanić
Senior Communications Officer
press@esma.europa.eu24/04/2025 ESMA50-524821-3642TRV Article: Annual risk assessment of leveraged AIFs in the EU – 2024 24/04/2025 ESMA50-524821-3660TRV Article: Risks in UCITS using the absolute Value-at-Risk approach ESAs publish Joint Annual Report for 2024
ESAs publish Joint Annual Report for 2024
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today published its 2024 Annual Report, which provides an overview of the joint ESAs work completed during the past year.
The ESAs continued to explore and monitor potential emerging risks for financial markets participants and the financial system.
The main areas of cross-sectoral focus in 2024 were joint risk assessments, sustainable finance, operational risk and digital resilience, consumer protection, financial innovation, securitisation, financial conglomerates and the European Single Access Point (ESAP). Among the Joint Committee’s main deliverables were policy products for the implementation of the Digital Operational Resilience Act (DORA) as well as ongoing work related to the Sustainable Finance Disclosure Regulation (SFDR).
Background
In 2024, ESMA chaired the Joint Committee with all three ESAs coordinating discussions and the exchange of information across their institutions, the European Commission and the European Systemic Risk Board (ESRB).
The Joint Committee is a forum with the objective of strengthening cooperation between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), collectively known as the three European Supervisory Authorities (ESAs).Through the Joint Committee, the three ESAs coordinate their supervisory activities in the scope of their respective responsibilities regularly and closely and ensure consistency in their practices.
Further information:
Aleksandra Bojanić
Senior Communications Officer
press@esma.europa.eu
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