Wednesday October 8 2025
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: European Union
On 8th October2025, the European Securities and Markets Authority (ESMA) announced the upcoming publication of standard market size (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.
The Markets in Financial Regulation Review (MIFIR) has introduced lower and upper limits to the new quoting obligations for Systematic Internalisers (SIs). The revised regulatory technical standard (RTS) 1, once published in the Official Journal (OJ), 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.
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