On August 6, the European Securities and Markets Authority (ESMA) published an updated version of the transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the associated Markets in Financial Instruments Regulation (MiFIR).

The TTC is a series of calculations in relation to equity and non-equity instruments which National Competent Authorities (NCAs) are responsible for performing (for more information, see the Corporate & Financial Weekly Digest edition of December 8, 2017).

ESMA’s latest update relates to the TTC for:

  • equity derivatives;
  • equity and equity-like instruments; and
  • tick size band assessment.

EU trading venues are expected to apply the TTC results starting August 13.

ESMA’s press release is available here.

The updated TTC is available here.