ESMA publishes key transparency calculations for MiFIDII/MiFIR implementation

MiFID Firms

Date: 02 January 2018

On 6 December 2017, The European Securities and Markets Authority (ESMA) published the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. Today’s publication means that TTC for all asset classes, applicable from 3 January 2018, are now available to market participants, infrastructures and authorities as required under the new regulatory framework.

The execution of the TTC has been delegated to ESMA by National Competent Authorities (NCAs), who have also approved the final results which have been published.


The TTC will be applicable starting 3 January 2018 and the equity instruments TTC will apply until 31 March 2019 and for bond instruments (liquidity assessment) until 15 May 2018. Further information is available on ESMA’s website.