On January 22, the European Securities and Markets
Authority ("ESMA") published an
updated version of its transitional transparency
calculations ("TTC") required
under the MiFID II Directive (2014/65/EU) and the Markets
in Financial Instruments Regulation (600/2014)
("MiFIR").
The update relates to the TTC for commodity derivatives and
affects only electricity derivatives.
Further information is contained in section E10 of ESMA's
frequently asked questions
("FAQ") (ESMA50-164-677) on the TTC,
which explains why the last TTC results for commodity derivatives,
published on December 6, 2017, have been modified.
The transparency calculations can be found here and the FAQs, which were published on
ESMA's website, can be found here.
