We would like to inform you regarding the recent publications issued by the European Securities and Markets Authority (European Securities and Markets Authority) concerning updates under the Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).
ESMA Decision on Market Data Obligations (23 February 2026)
On 23 February 2026, ESMA published a decision adopted by its Board of Supervisors to withdraw its guidelines on market data obligations under MiFID II and MiFIR.
This decision forms part of ESMA’s ongoing review of the regulatory framework applicable to market data practices within EU financial markets.
ESMA 2026 Transparency Calculations (3 March 2026)
On 3 March 2026, ESMA published its annual transparency calculations for equity and equity-like instruments, applicable from April 2026.
These calculations are issued under MiFID II and determine key parameters used for:
- pre-trade transparency waivers; and
- deferred publication of post-trade transaction data.
The 2026 updates include revisions to thresholds such as:
- large in scale (LIS) thresholds; and
- size specific to the instrument (SSTI) thresholds.
These parameters are used to determine when transactions may be exempt from certain transparency requirements or subject to deferred reporting.
Implementation Timeline
The updated transparency parameters will apply from April 2026. Market participants are expected to ensure that their systems, reporting processes, and data controls are aligned in advance of the implementation date.
Operational Considerations
Firms may need to review their internal arrangements, including:
- transaction reporting processes;
- instrument classification and data validation;
- application of transparency waivers; and
- related compliance and control frameworks.
For further information or assistance, please do not hesitate to contact us.