On January 22, the European Securities and Markets Authority (ESMA) published an updated version of its transitional transparency calculations (TTC) for the purposes of the revised Markets in Financial Instruments Directive (MiFID II) and the related Markets in Financial Instruments Regulation (MiFIR).

The update relates to the TTC for commodity derivatives and only affects electricity derivatives. Further information on the update is contained in section E10 of ESMA’s FAQs on the TTC, which explains that the last TTC results for commodity derivatives, published on December 6, 2017, have been modified due to the inconsistent reporting of one specific field. Under the new version of the TTC, some electricity derivative sub-classes have changed liquidity status from illiquid to liquid, and vice versa.

For sub-classes that used to be liquid and are now illiquid, the updated results can be applied from the date of publication. For subclasses that used to be illiquid and are now liquid, ESMA has invited trading venues to contact their national competent authority to agree on a reasonable application date, as the change in liquidity status may require trading systems to be adjusted.

The updated TTC and the TTC FAQ are available here.