The European Securities and Markets Authority (ESMA) has published the results of its annual transparency calculations for non-equity instruments and its latest quarterly liquidity assessment of bonds under MiFID II and MiFIR, setting the liquidity classifications and transparency thresholds that determine pre- and post-trade transparency requirements. For non-equity instruments, the annual calculations apply from 2 June 2025 and cover the liquidity assessment alongside the determination of size specific to the instrument and large in scale thresholds. The related transparency requirements apply from 2 June 2025 until 31 May 2026, with results published in XML and made available at sub-class and ISIN level via the Financial Instruments Transparency System (FITRS) and the Register web interface. For bonds, ESMA’s quarterly assessment identifies 1,371 liquid bonds subject to MiFID II transparency requirements, applicable from 19 May 2025 to 17 August 2025, with ISIN-level results also available through FITRS and the Register web interface. ESMA is additionally publishing two completeness indicators related to bond liquidity data. ESMA will continue publishing the quarterly liquidity assessment of bonds and the data for quarterly systematic internalisers. Bond liquidity results may also be updated within a quarter where additional data or corrections are submitted, with any such FITRS updates applying from the day after publication.
European Securities and Markets Authority 2025-04-30
European Securities and Markets Authority publishes annual non-equity transparency calculations and quarterly bond liquidity list of 1,371 liquid bonds
The European Securities and Markets Authority (ESMA) released its annual transparency calculations for non-equity instruments and quarterly liquidity assessment for bonds under MiFID II and MiFIR. The assessments set liquidity classifications and transparency thresholds, with results available via the Financial Instruments Transparency System (FITRS) and the Register web interface. ESMA will continue quarterly updates, with bond liquidity results subject to revision based on new data.