The European Securities and Markets Authority (ESMA) announced it will publish updated standard market size (SMS) figures for liquid equity and equity-like financial instruments to support firms’ preparations for new quoting and transparency requirements for systematic internalisers (SIs) under the Markets in Financial Instruments Regulation review. The implementation date for the first set of changes will be determined by the publication of the revised RTS 1 in the Official Journal, which is expected in the coming weeks. Under the revised RTS 1, the minimum quoting size for SIs and the threshold up to which SI transparency obligations apply will start applying 20 days after Official Journal publication. Both thresholds will be based on SMS, derived from average value of transactions (AVT) liquidity bands recalibrated in RTS 1, and ESMA will publish the SMS the day before the revised RTS 1 starts to apply; the full list will be made available via FITRS in XML and through the Register web interface. A further provision applying 20 days after publication is the exclusion of give-up and give-in transactions from post-trade transparency reporting when executed off venue. The remaining RTS 1 provisions, including a new set of pre-trade transparency requirements and amended post-trade transparency details, are scheduled to take effect on 2 March 2026.
European Securities and Markets Authority 2025-10-08
European Securities and Markets Authority to publish standard market size data ahead of new systematic internaliser quoting thresholds
The European Securities and Markets Authority (ESMA) will release updated standard market size figures for liquid equity and equity-like instruments to help firms prepare for new quoting and transparency requirements for systematic internalisers under the Markets in Financial Instruments Regulation review. The revised RTS 1 will determine the implementation date, with changes applying 20 days post-publication in the Official Journal. Additional provisions, including new pre-trade and amended post-trade transparency requirements, will take effect on 2 March 2026.