FCA Handbook - MAR 11A.7 Transparency calculations

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MAR 11A.7 Transparency calculations

Each year, the FCA will publish for each financial instrument traded on a trading venue:

(1) the trading venue which is the most relevant market in terms of liquidity as set out in Article 17B of MiFID RTS 1;
(2) the average daily turnover for the purpose of identifying the size of orders that are large in scale as set out in MAR 11A.4; and
(3) the average value of transactions for the purpose of determining the standard market size as set out in Article 11(2) of MiFID RTS 1.

Trading venue operators and equity systematic internalisers must use the transparency information for the purposes of MAR 11A.2, MAR 11A.4, and paragraphs 2 and 4 of Article 14 of MiFIR until such time as the transparency information is next published in the following year.

Where the transparency information is replaced by new information during the 12-month period, trading venue operators and equity systematic internalisers must use that new information for the purposes of MAR 11A.2, MAR 11A.4, and paragraphs 2 and 4 of Article 14 of MiFIR.

The FCA may update the transparency information for the purposes of MAR 11A.2, MAR 11A.4, and paragraphs 2 and 4 of Article 14 of MiFIR.

For the purposes of MAR 11A.7.1G, the daily turnover in relation to a financial instrument will be calculated by:

(1) for each transaction executed during a defined period of time, multiplying the number of units of that financial instrument exchanged between the buyers and sellers by the unit price applicable to such transaction; and
(2) adding together the results of the calculations undertaken under (1) for all transactions in a financial instrument executed during the defined period.

(1) A trading venue operator must make the information set out in MAR 11A Annex 1 available to the FCA when:
1. (a) the financial instrument is admitted to trading;
2. (b) the financial instrument is first traded on that trading venue; or
3. (c) any change has been made to the information set out in MAR 11A Annex 1 previously provided to the FCA.
(2) A trading venue operator must make available the information in (1) after the end of the trading day, but before the end of the day.