MiFID2: ESMA announces recalculation of transitional transparency calculations and publishes FAQ

20/09/2017 | Clifford Chance

ESMA has updated its transitional transparency calculations (TTC) for non-equity instruments in accordance with RTS 2 on transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives under MiFIR.

ESMA published the TTC for all non-equity instruments except for bonds on 3 July 2017. Since publication, some trading venues have notified ESMA of problems in their submitted data. As such, ESMA has corrected and recalculated the TTC for both asset classes accordingly.

Alongside a press release on the recalculation, ESMA has published FAQs on the TTC.