This page contains updates on the UK MiFID transparency calculations and the latest published data.
All the results of the MiFID transparency calculations for the UK are available in the FCA Financial Instruments Transparency System (FCA FITRS) accessible via the dedicated FCA Registers portal[1].
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New transparency regime for bonds and derivatives and UK MiFID transparency calculations
PS24/14[3] sets out the new UK transparency regime for bonds and derivatives, which enters into force 1 December 2025.
The transparency calculations for bonds and derivatives will cease with the introduction of the new regime. The results from the quarterly transparency assessment for bonds will apply only from 17 to 30 November 2025.
Next publication
On or around 10 March 2027: Annual transparency assessment for equity and equity-like instruments. The annual results are expected to apply from Monday 5 April 2027.
Annual transparency calculations for equity and equity-like instruments – 11 March 2026
The latest results of the annual transparency calculations for equity and equity-like instruments for the UK are now available.
The information published contains:
- The liquidity assessment.
- The trading venue which is the most relevant market in terms of liquidity.
- The average daily turnover for the purpose of identifying the size of orders that are large in scale.
- The average value of transactions for the purpose of determining the standard market size.
- The average daily number of transactions for shares and depositary receipts on most relevant market in terms of liquidity for the purposes of the tick size regime.
These results are available on FCA FITRS both in XML files and in the register web interface[4].
They will apply from Monday 6 April 2026. (Please note this date will be the Easter Monday public holiday, the first trading day with the new calculations in application will be Tuesday 7 April 2026.) The date of application for these results is aligned with the date of application of the annual transparency calculations for equity and equity-like instruments for the EU, published by ESMA. The results are expected to apply for a 12-month period.
Annual transparency calculations for non-equity instruments – 8 May 2025
We have published the latest results of the 2025 annual transparency calculations for non-equity instruments for the UK.
For bonds, the information published contains:
- The pre- and post-trade size specific to the instrument threshold.
- The pre- and post-trade large in scale threshold.
The transparency thresholds are provided in Excel format at a sub-class level for liquid sub-classes of derivatives and at a bond type level for bonds. View the corresponding Excel files[5]. For bonds the information is also provided at an ISIN level in FCA FITRS both in XML files and through the register web interface[4].
For non-equity non-bond instruments, the information published contains:
- The liquidity assessment for a number of sub-classes.
- The pre- and post-trade size specific to the instrument threshold.
- The pre- and post-trade large in scale threshold.
The annual transparency results for non-equity instruments are applicable from 1 June 2025 until 30 November 2025, when the new regime for non-equities transparency will enter into force.
Quarterly liquidity assessment for bonds – 11 November 2025
The latest quarterly liquidity assessment for bonds for the UK is now published. The results will be applicable only from 17 November 2025 to 30 November 2025 and are available in the FCA FITRS[6].
The new bond and derivatives transparency regime, which includes the cessation of quarterly transparency calculations for bonds, will then take effect on 1 December.