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MiFID requires that regulators publish information on all shares which are admitted to trading on regulated markets. Members of the Committee of European Securities Regulators (CESR) have collected this information, and CESR published it on Friday.
The information allows market participants to recognise liquid shares (which trigger the obligations for systematic internalisers according to Article 27 of MiFID) and to determine the block sizes for waivers from pre-trade transparency requirements and delayed post-trade publication.
CESR published the first version of the database on 3 July 2007. In order to ensure that the data is up to date for the entry of the force of the MIFID on 1 November 2007 and to allow market participants to test the web service. CESR members have updated the information (enhanced details, addition of new shares and deletion of those delisted) and on Friday CESR published an updated version of the database. CESR also launched a web-service for the database, as it announced it would do in July. This service provides users with an XML feed for automatic retrieval of the data.
The database contains ISIN codes for each share, the name of the share, the average daily turnover, the daily transactions, the free float (calculated by multiplying the number of shares by the price of the share), the average value of orders executed, the standard market size, whether or not these are the defined “liquid shares”, and the regulating authority and its country.
From 1 November 2007, the launch date of MiFID, the list will be updated regularly based on the data provided by CESR members.
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