The information is targeted for market participants who need the information for recognising liquid shares and for determining the block sizes for waivers from pre-trade transparency requirements and for delayed post-trade publication.
The operation of the MiFID market transparency regime involves making available to market participants certain information regarding shares admitted to trading. The regime requires CESR members to make certain calculations regarding shares admitted to trading on a regulated market (and to some extent "liquid shares"). The results of the calculations will be published by CESR.
This internal guidebook is intended to facilitate the MiFID market transparency calculations of CESR members. Articles 33 and 34 of the MiFID Implementing Regulation require CESR members to calculate and publish a set of information regarding all shares admitted to trading on a regulated market. The exact content of information is different for all shares and liquid shares as described below.
The information is targeted for market participants who need the information for recognising liquid shares (which trigger the obligations for systematic internalisers according to Article 27 of MiFID) and for determining the block sizes for waivers from pre-trade transparency requirements and for delayed post-trade publication.
CESR Members are responsible for ensuring that the calculations are made, but may delegate the practical calculations to a third party (for example, to a regulated market).
© CESR - Committee of European Securities Regulators
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