Shares admitted to trading on EU Regulated Markets
The MiFID implementing Regulation (No 1287/2006, of 10 August 2006) requires the relevant competent authorities to calculate and publish a set of information regarding all shares which are admitted to trading on a regulated market. CESR has collected this information, and publishes it here in the form of a database. The information included in this database allows market participants to recognise liquid shares (which trigger the obligations for systematic internalisers according to Article 27) and to determine the block sizes for waivers from pre-trade transparency requirements and delayed post-trade publication.
CESR members are responsible for the calculations and the content of this database. Any queries regarding the content should be addressed directly to the competent authority for that share.
The list will be updated regularly by CESR’s members. The changes include new shares to be admitted to trading as well as de-listings. New admission will be included on the first day of trading at the latest. In addition, further changes may be made on an ongoing basis, if a CESR member on the basis of Article 33 (5) of the Implementation Regulation identifies a change in the share or issuer which significantly affects the previous calculations. These ad-hoc updates will, however, take place only in exceptional cases. A regular review of the calculations will be done annually. New calculations will be published at the beginning of March every year and they will be valid from 1 April for the next 12 months.
Please note that:
1. The calculations based on trading in 2008 shall be valid starting 1 April 2009.
2. During March, users may find small inaccuracies when checking the list per authority, where there has been a change in the competent authority.
3. In order to avoid any inconvenience, we encourage users to double check any further changes from 1st April onwards by using the full list and the ISIN search.
This database is a compilation of the information from all CESR members. Some countries will, in addition, publish their own information separately.
Liquid shares are identified by a red bullet, and by an entry in the SMS column, which can be used for sorting the results. Searches will take into account complete and partial ISIN and Share names.
The database contains the following columns:
ISIN – The unique code for each share
Name – The name of the share
ADT – Average Daily Turnover. This is the yearly turnover, divided by the number of trading days, excluding negotiated trades. The figure is expressed in euros.
Daily Transactions – This is an average, found by dividing the number of annual trades by the number of trading days, excluding negotiated trades.
Free Float – This is calculated by multiplying the number of shares by the price of the share and expressed in euros. However, when calculating the free float all holdings exceeding 5 % of total voting rights shall be excluded unless they are held by a collective investment scheme or a pension fund.
AVT - Average Value of Orders Executed is the arithmetic average value of transactions, excluding those that are large in scale compared to normal market size and is expressed in euros
SMS – Standard Market Size. This is determined from a predefined table in the MiFID Implementing Regulation on the basis of the AVT, and is expressed in euros.
Authority for Liquid Share – the regulation allows Member States to designate a maximum of up to five shares as liquid. This column identifies these designated shares.
Authority – Relevant competent authority
Country Code – Country of the relevant competent authority
Exchange Rate - the rate which was used by the non-euro countries to convert their national trading data into Euros
Applicable From - data published for information will become applicable on this date
Any comments or questions regarding the functioning of the database should be addressed to the administrator at skleiveland[at]cesr.eu. Queries regarding the content should be addressed to the relevant CESR member. A list of contacts can be found in the section Expert groups/MiFID level 3, or via the following link: http://www.cesr.eu/index.php?docid=5023. This section also contains a table setting out the criteria used by CESR members to determine liquidity.
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