Equities

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ESMA publishes key transparency calculations for MiFID II implementation

The European Securities and Markets Authority (ESMA) published today the MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. Today’s publication means that TTC for all asset classes, applicable from 3 January 2018, are now available to market participants, infrastructures and authorities as required under the new regulatory framework. The execution of the …

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ESMA says multi-venue trading increases liquidity in EU equity markets despite duplicate orders

The European Securities and Markets Authority (ESMA) has issued today an economic report on order duplication and liquidity measurement in EU equity markets. Order duplication means that traders replicate the same order on multiple trading venues at the same time. The report, which takes into account high-frequency trading (HFT), finds that overall multi-venue trading has …

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