Scheda

ESMA announced the upcoming publication of SMS for equity and equity-like financial instruments. This announcement is intended to assist market participants with their preparations to apply the new quoting requirements, even though the official implementation date has not yet been specified.

MIFIR review introduced lower and upper limits to the new quoting obligations for SIs. The revised RTS 1, once published in the Official Journal in the coming weeks, will introduce several provisions. Although the exact publication date is not yet known, ESMA is reminding some of these changes now to enable market participants to prepare in advance.

Among the provisions applicable 20 days after publication are: the minimum quoting size for SIs and the threshold up to which transparency obligations apply to SIs. Both thresholds depend on the standard market size (SMS), determined by the average value of transactions (AVT) liquidity bands which has been recalibrated in the RTS 1. The day before the application date of the revised RTS 1, ESMA will publish the SMS for liquid equity and equity-like financial instruments.

The full list of new SMS will be available through FITRS in the XML and through the Register web interface.

Another important provision applying 20 days after the publication in the OJ 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, will take effect on 2 March 2026.