5.VI.3.3 FITRS

Another database relevant for the MiFID II equity pre-trade transparency regime is FITRS. FITRS stands for Financial Instruments Transparency System. FITRS is relevant for the main MiFID II equity pre-trade transparency calculations and estimates (e.g. whether there is a liquid market for a given equity instrument or a large in scale order).1 As noted, RMs, MTFs, APAs and CTPs are required to report to the responsible NCA (or ESMA in case of delegation) periodic and ad hoc reports to ensure the calculations for the MiFID II equity pre-trade transparency regime can be made. The data format for the RMs, MTFs, APAs, and CTPs is the so-called XML format.2 The NCA (or ESMA in case of delegation) performs the calculations and estimates. The consolidated results of the calculations and estimates are published through FITRS, as available through the ESMA Website. An example of FITRS is the following:

Source: FITRS (in XML format) for equity transparency data in Interbrew cl A GDR. The data includes, among other things, the ISIN (US45845T3086), CFI (‘DPRS’ stands for depositary receipt), liquidity status (not liquid), the methodology (estimation), average daily turnover (large in scale band between 100.000 and 500.000, meaning an order is large in scale in case the minimum size is at least EUR 60.000), average daily number of transactions, and the relevant market (Luxembourg Stock Exchange).