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ESMA publishes study on the exposure of the EU fund industry to CLOs
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, in a study included in the latest Trends, Risks and Vulnerabilities (TRV) report, looks at the exposure of investment funds to this market and finds that the EU fund industry’s exposure remains limited at this stage at EUR 130bn (less than 1% of […]
ESMA publishes final report on the tick size regime
The minimum tick size, under RTS 11, applicable to shares and depositary receipts is calibrated to the ADNT on the most liquid market in the EU. While this metric appears to be an adequate liquidity indicator for the vast majority of equity instruments, experience since MiFID II’s implementation shows that it may not be suited […]