Amended rules for transparency calculations to start applying on 5 June 2023

ESMA announced that starting from 5 June 2023, amended rules under MiFIR will come into effect. These rule changes will primarily impact the transparency calculations for equity, equity-like, and non-equity instruments.
Here are the key amendments:
– Change of LIS Thresholds for ETFs: The pre-trade LIS threshold for ETFs will increase from €1,000,000 to €3,000,000. Additionally, the smallest post-trade LIS thresholds will rise from €10,000,000 to €15,000,000.
– Publication of Quarterly Bond Liquidity Assessment and SI Data: ESMA will publish the quarterly assessment of bond liquidity and SI data on the first Monday of February, May, August, and November. However, the application date for the quarterly liquidity assessment of bonds will change to the third Monday of these months, starting from 1 August 2023.
– Annual Calculation for Non-Equity Instruments: The amended rules specify segmentation criteria to define instrument classes for which calculations must be performed. This may require IT changes to the FITRS, and reporting entities will need to provide data accordingly. ESMA plans to conduct the first annual calculations incorporating these amendments on the first Monday of June, with the new application date effective from 30 April 2024.
– Annual Calculation for Equity and Equity-Like Instruments: ESMA will conduct the first annual calculations under the amended rules on the first Monday of April, with the new application date taking effect from 1 March 2024.
These changes aim to enhance transparency in financial markets and ensure accurate calculations and publications of relevant data.