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ESMA publishes the annual transparency calculations for non-equity instruments and bond liquidity data

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As indicated in ESMA’s public statement of 27 March 2024, the quarterly liquidity assessment of bonds as well as the data for the quarterly systematic internalisers will continue to be published by ESMA. Further details are provided in the relevant webpages of the calculations.

Annual transparency calculations for non-equity instruments

The results of the annual transparency calculations for non-equity instruments will apply from 2 June 2025. The calculations include the liquidity assessment and the determination of the pre- and post-trade size specific to the instruments and large in scale thresholds.

The results for the liquid and illiquid sub-classes will be published in XML format from 30 April 2025 (here) and related instructions on their download can be found in the Transparency System downloading instructions. The results at ISIN level will be available through the Financial Instruments Transparency System (FITRS) in the XML files also from 30 April 2025 (see here) and through the Register web interface (see here).

The transparency requirements based on the results of the annual transparency calculations for non-equity instruments apply from 2 June 2025 until 31 May 2026.

Bonds quarterly liquidity assessment

ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,371 liquid bonds subject to MiFID II transparency requirements. The transparency requirements for bonds deemed liquid will apply from 19 May 2025 to 17 August 2025.

The results at ISIN level are available through the Financial Instruments Transparency System (FITRS) in the XML files from 30 April 2025 (see here) and through the Register web interface (see here).

ESMA is also publishing two completeness indicators related to bond liquidity data.

ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in the FITRS, which shall be applicable the day following publication.

Further information:

Cristina Bonillo

Senior Communications Officer
[email protected]

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Politics

World War II anniversary: MEPs pay homage to veterans and celebrate peace | News

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“Eighty years after the guns fell silent across Europe, we honour the courage of those who fought, and the sacrifice of those who fell. We remember not just the end of a war, but the birth of our Union. The most powerful tribute to those who sacrificed their lives in this war lies not only in remembrance, but in resolve. In our determination to stand together and say, clearly and firmly: never again,” EP President Metsola said.

European Council President António Costa thanked the veterans for their “sacrifice and commitment to peace”, regretting that, today, “we cannot celebrate peace in peace”, after Russia’s invasion of Ukraine. Mr Costa encouraged the EU member states and their partners to stay united in the face of the Russian aggressor, as the best way to pay homage to those who gave their lives 80 years ago defending freedom. Finally, he reminded European citizens that “peace is a heritage, but also a responsibility”.

Speeches by veterans of war

Three veterans of the war – Mr Robert Chot, a 102-year-old Belgian veteran of the Battle of the Ardennes; Mr Janusz Komorowski a Polish veteran of the liberation of Poland and now 96 years old; and Mr Janusz Maksymowicz, also Polish and now 95 years old, who participated in the Warsaw Uprising – addressed MEPs.

Belgian war veteran Robert Chot said: “80 years ago, the guns fell silent, bringing an end to a terrible battle that caused millions of deaths in Europe and elsewhere. If today we are still living in peace, it is thanks to you and the countries you represent”. Peace is always uncertain, he added. “There are always clouds hanging over us. Let us do what is necessary to ensure that peace endures in Europe”, he declared.

Mr Janusz Komorowski talked about the difficult destiny of Poles who were fighting for freedom and independence and for the right of the Polish nation to exist, in Poland, abroad and during the Warsaw uprising in 1944. “They gave their lives for the freedom of other nations too, in the hope that the brutal force of the peace wreckers would be broken forever. Today, I want to thank that wartime generation, but also the European Parliament for becoming a beacon of peace, freedom and democracy, and for steadfastly defending these values”, he concluded.

Mr Janusz Maksymowicz stressed that the fight for freedom and values had clearly not ended but had taken on new forms. “We know how ruthless ideologies that divide people and nations can be. That is why today we say with full conviction: community is strength. A community of nations that respects the European traditions and cultures of all people who want to live in peace.”

The ceremony was brought to a close with a musical performance of the European anthem by a soprano accompanied by a string ensemble.

Ahead of the plenary event, Presidents Metsola and Costa attended a flag raising and wreath laying ceremony outside of the Parliament building in Strasbourg.

Find audiovisual material of all commemorative events in Parliament’s Multimedia Centre.

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ESMA delivers technical advice on market abuse and SME Growth Markets as part of the Listing Act

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The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its advice to the European Commission (EC) to support the Listing Act’s goals to simplify listing requirements, enhance access to public capital markets for EU companies, and improve market integrity.

In relation to Market Abuse Regulation (MAR), the advice covers:

  • Protracted processes, identifying key moments for public disclosure;
  • Delayed public disclosure, listing situations where delays are not allowed; and
  • Cross-Market Order Book Mechanism (CMOB), indicating the methodology for the identification of trading venues with significant cross-border activity.

Regarding the Market in Financial Instruments Directive (MiFID), ESMA focuses on the review of the requirements for multilateral trading facilities and segments for the purpose of registration as an SME growth market (SME GMs).

The technical advice facilitates the effective implementation of the Listing Act, by advising the EC on the delegated acts to be adopted and amended in relation to MAR and MiFID respectively.

Next Steps

The EC will adopt the delegated acts for which the technical advice was requested by July 2026.

ESMA continues its work to facilitate the effective implementation of the Listing Act. More information can be found on the dedicated webpage.

Further information:

Cristina Bonillo

Senior Communications Officer
[email protected]

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Incubation Programme 2025 | EIT

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