European Securities and Markets Authority publishes annual transparency calculations for equity and equity-like instruments effective from 6 April 2026

The European Securities and Markets Authority (ESMA) has published the results of its annual transparency calculations for equity and equity-like instruments, which will drive the applicable transparency requirements from 6 April 2026. The package includes the liquidity assessment under Commission Delegated Regulation (CDR) 2017/567 and the identification of the most relevant market in terms of liquidity under CDR 2017/587 (RTS 1). It also sets the average daily turnover used to determine pre-trade and post-trade large in scale thresholds, the average transaction value and related standard market size, and the average daily number of transactions on the most relevant market used for the tick-size regime. The full list of assessed instruments is available via ESMA’s Financial Instruments Transparency System (FITRS) XML files and the Register web interface, and ESMA asks market participants to monitor daily releases for estimates for newly traded instruments and the four-week calculations that apply after the first six weeks of trading. ESMA also notes that the remaining revised RTS 1 transparency rules for equity and equity-like instruments apply from 2 March 2026. The annual calculations will apply from 6 April 2026 until 4 April 2027. ESMA expects to publish the next annual transparency calculations by 1 March 2027, with application from 5 April 2027.