Content Options

Content Options

View Options

Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2021-01-01.

Preamble

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, and in particular Article 4(6), Article 7(2), Article 14(7), Article 20(3), Article 22(4) and Article 23(3) thereof,

Whereas:

  1. (1)

    A high degree of transparency is essential to ensure that investors are adequately informed as to the true level of actual and potential transactions in shares, depositary receipts, exchange-traded funds (ETFs), certificates and other similar financial instruments irrespective of whether those transactions take place on regulated markets, multilateral trading facilities (MTFs), and by systematic internalisers, or outside those facilities. This high degree of transparency should also ensure that the price discovery process in respect of particular financial instruments traded on different trading venues is not impaired by the fragmentation of liquidity, and investors are not thereby penalised.

  2. (2)

    At the same time, it is essential to recognise that there may be circumstances where exemptions from pre-trade transparency or deferrals from post-trade transparency obligations should be provided to avoid the impairment of liquidity as an unintended consequence of obligations to disclose orders and transactions and thereby to make public risk positions. Therefore, it is appropriate to specify the precise circumstances under which waivers from pre-trade transparency and deferrals from post-trade transparency may be granted.

  3. (3)

    The provisions in this Regulation are closely linked since they deal with the transparency requirements applicable to trading venues and investment firms in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments. To ensure coherence between those provisions, which should enter into force at the same time, and to facilitate a comprehensive view and efficient access for stakeholders, in particular those subject to the obligations, it is appropriate to include them in a single Regulation.

  4. (4)

    Where competent authorities grant waivers in relation to pre-trade transparency requirements or authorise the deferral of post-trade transparency obligations, they should treat all regulated markets, multilateral trading facilities and investment firms trading outside of trading venues equally and in a non-discriminatory manner.

  5. (5)

    It is appropriate to provide for clarification of a limited number of technical terms. Those technical definitions are necessary to ensure the uniform application in the Union of the provisions contained in this Regulation and, hence, contribute to the establishment of a single rulebook for financial markets in the Union. Those definitions are purely functional for the purpose of setting out the transparency obligations for equity and equity-like financial instruments and should be strictly limited to understanding this Regulation.

  6. (6)

    Regulation (EU) No 600/2014 brings within the scope of the transparency regime equity-like instruments such as depositary receipts, ETFs and certificates, as well as shares and other equity-like instruments only traded on an MTF. It is necessary, in order to establish a comprehensive and uniform transparency regime, to calibrate the content of the pre-trade information to be made public by trading venues.

  7. (7)

    A trading venue operating a request for quote (RFQ) system should at least make public the firm bids and offer prices or actionable indications of interest and the depth attached to those prices no later than at the time when the requester is able to execute a transaction under the system's rules. This is to ensure that members or participants who are providing their quotes to the requester first are not put at a disadvantage.

  8. (8)

    The specific methodology and data necessary to perform calculations for the purpose of specifying the transparency regime applicable to equity and equity-like financial instruments should be applied in conjunction with the common elements with regard to the content and frequency of data requests to be addressed to trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs) for the purposes of transparency and other calculations laid down in Commission Delegated Regulation (EU) 2017/577.

  9. (9)

    The pre-trade and post-trade transparency regime established by Regulation (EU) No 600/2014 should be appropriately calibrated to the market and applied in a uniform manner throughout the Union. In particular, a static determination of the most relevant markets in terms of liquidity, the sizes of orders that are large in scale and standard market sizes would not adequately capture regular modifications of trading patterns affecting equity and equity-like instruments. Therefore, it is essential to lay down the necessary calculations to be performed, including the periods of time to be taken into account when making calculations and the periods of time during which the results of these calculations are applicable, methods of calculation as well as the identification of the competent authority responsible for performing the calculations in accordance with the determination of the relevant competent authority for the purpose of Article 26 of Regulation (EU) No 600/2014 as specified in Commission Delegated Regulation (EU) 2017/571. In this respect, to avoid market distortion effects, the calculation periods should ensure that the relevant thresholds of the regime are updated at appropriate intervals to reflect market conditions. It is also appropriate to provide for the centralised publication of the results of the calculations so that they are made available to all financial market participants and competent authorities in the Union in a single place and in a user-friendly manner. To that end, competent authorities should notify ESMA of the results of their calculations and ESMA should publish those calculations on its website.

  10. (10)

    In order to carry out the calculations for determining the requirements for the pre-trade and post-trade transparency in accordance with Article 22(1) of Regulation (EU) No 600/2014, the content, frequency of data requests and the formats and timeframe in which trading venues, APAs and CTPs must respond to such requests in accordance with Article 22(4) of Regulation (EU) No 600/2014 should be developed. The results of the calculations made on the basis of the data collected according to Article 22(1) of Regulation (EU) No 600/2014 need to be published in order to inform market participants of those results and achieve pre- and post-trade transparency in practice. It is also appropriate to provide for the centralised publication of the results of the calculations so that they are made available to all financial market participants and competent authorities in the Union in a single place and in a user-friendly manner. To that end, competent authorities should notify European Securities and Markets Authority (ESMA) of the results of their calculations and then ESMA should publish those calculations on its website.

  11. (11)

    For ETFs, and contrary to shares, depositary receipts, certificates and other similar financial instruments, the average daily turnover does not appear as an appropriate proxy for the calibration of the large-in-scale thresholds. For these instruments, the measure of actual liquidity is not adequately captured by the average daily turnover since the creation and redemption mechanisms inherent to ETFs allow to access additional and non-displayed liquidity. In order to reduce the risk of circumvention, it is also important that two ETFs on the same underlying have the same large-in-scale thresholds regardless of whether they have similar average daily turnover or not. Therefore, a single large-in-scale threshold for all ETFs should be established which should apply regardless of their underlying or of their liquidity.

  12. (12)

    Information which is required to be made available as close to real time as possible should be made available as instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned. The information should only be published close to the prescribed maximum time limit in exceptional cases where the systems available do not allow for publication in a shorter period of time.

  13. (13)

    Investment firms should make public the details of transactions executed outside a trading venue through an APA. Therefore, the way investment firms report the details of the transactions to APAs should be laid down and those provisions should apply in conjunction with the requirements applicable to APAs specified in Delegated Regulation (EU) 2017/571.

  14. (14)

    Investors need to have reliable and timely information about the level of trading interest in financial instruments. Information on certain types of transactions such as the transfer of financial instruments as collateral would not provide meaningful information to investors in respect of the level of genuine trading interest in a financial instrument. Requiring investment firms to make public those transactions would cause significant operational challenges and costs without improving the price formation process. Therefore, post-trade transparency obligations in respect of transactions executed outside a trading venue should only apply in the case of a purchase or sale of a share, depositary receipt, ETF, certificate or other similar financial instrument. It is essential that certain transactions such as those involving the use of any such instruments for collateral lending or other purposes where the exchange is determined by factors other than the current market valuation should not be published as they do not contribute to the price discovery process and would risk leading to investor confusion and hinder best execution.

  15. (15)

    In respect of transactions executed outside the rules of a trading venue, it is essential to clarify which investment firm is to make public a transaction in cases where both parties to the transaction are investment firms established in the Union in order to ensure the publication of transactions without duplication. Therefore, the responsibility to make a transaction public should always fall on the selling investment firm unless only one of the counterparties is a systematic internaliser and it is the buying firm.

  16. (16)

    Where only one of the counterparties is a systematic internaliser in a given financial instrument and it is also the buying firm for that instrument, it should be responsible for making the transaction public as its clients would expect it to do so and it is better placed to fill in the reporting field mentioning its status of systematic internaliser. To ensure that a transaction is only published once, the systematic internaliser should inform the other party that it is making the transaction public.

  17. (17)

    It is important to maintain current standards for the publication of transactions carried out as back-to-back trades to avoid the publication of a single transaction as multiple trades and to provide legal certainty on which investment firm is responsible for publishing a transaction. Therefore, two matching trades entered at the same time and for the same price with a single party interposed should be published as a single transaction.

  18. (18)

    To ensure that the new transparency regulatory regime can operate effectively, it is appropriate to provide for the collection of certain data and for an early publication of the most relevant markets in terms of liquidity, the sizes of orders that are large in scale, the deferred publication thresholds and standard market sizes.

  19. (19)

    For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions of this Regulation and the provisions laid down in Regulation (EU) No 600/2014 apply from the same date. However, to ensure that the new transparency regulatory regime can operate effectively, certain provisions of this Regulation should apply from the date of its entry into force.

  20. (20)

    This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission.

  21. (21)

    ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council,

HAS ADOPTED THIS REGULATION:

Signature

Done at Brussels, 14 July 2016.

For the Commission

The President

Jean-Claude JUNCKER

ANNEX I Information to be made public

Table 1 Description of the type of trading systems and the related information to be made public in accordance with Article 3

Type of trading system

Description of the trading system

Information to be made public

Continuous auction order book trading system

A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis.

The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.

Quote-driven trading system

A system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.

The best bid and offer by price of each market maker in shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system, together with the volumes attaching to those prices.

The quotes made public shall be those that represent binding commitments to buy and sell the financial instruments and which indicate the price and volume of financial instruments in which the registered market makers are prepared to buy or sell. In exceptional market conditions, however, indicative or one-way prices may be allowed for a limited time.

Periodic auction trading system

A system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.

The price at which the auction trading system would best satisfy its trading algorithm in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system and the volume that would potentially be executable at that price by participants in that system.

Request for quote trading system

A trading system where a quote or quotes are provided in response to a request for quote submitted by one or more members or participants. The quote is executable exclusively by the requesting member or participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.

The quotes and the attached volumes from any member or participant which, if accepted, would lead to a transaction under the system's rules. All submitted quotes in response to a request for quote may be published at the same time but not later than when they become executable.

Any other trading system

Any other type of trading system, including a hybrid system falling into two or more of the types of trading systems referred to in this table.

Adequate information as to the level of orders or quotes and of trading interest in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on the trading system; in particular, the five best bid and offer price levels and/or two-way quotes of each market maker in that instrument, if the characteristics of the price discovery mechanism so permit.

Table 2 Symbol table for Table 3

Symbol

Data type

Definition

{ALPHANUM-n}

Up to n alphanumerical characters

Free text field.

{CURRENCYCODE_3}

3 alphanumerical characters

3-letter currency code, as defined by ISO 4217 currency codes

{DATE_TIME_FORMAT}

ISO 8601 date and time format

Date and time in the following format:

YYYY-MM-DDThh:mm:ss.ddddddZ.

  • "YYYY" is the year;
  • "MM" is the month;
  • "DD" is the day;
  • "T" — means that the letter "T" shall be used
  • "hh" is the hour;
  • "mm" is the minute;
  • "ss.dddddd" is the second and its fraction of a second;
  • Z is UTC time.

Dates and times shall be reported in UTC.

{DECIMAL-n/m}

Decimal number of up to n digits in total of which up to m digits can be fraction digits

Numerical field for both positive and negative values.

  • decimal separator is "." (full stop);
  • negative numbers are prefixed with "-" (minus);
Where applicable, values shall be rounded and not truncated.

{ISIN}

12 alphanumerical characters

ISIN code, as defined in ISO 6166

{MIC}

4 alphanumerical characters

Market identifier as defined in ISO 10383

Table 3 List of details for the purpose of post-trade transparency

Field identifier

Description and details to be published

Type of execution or publication venue

Format to be populated as defined in Table 2

Trading date and time

Date and time when the transaction was executed.

For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 2 of Delegated Regulation (EU) 2017/574.

For transactions not executed on a trading venue, the date and time when the parties agree the content of the following fields: quantity, price, currencies in fields 31, 34 and 44 as specified in Table 2 of Annex 1 of Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.

Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission.

Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)

Approved Publication Arrangement (APA)

Consolidated tape provider (CTP)

{DATE_TIME_FORMAT}

Instrument identification code

Code used to identify the financial instrument

RM, MTF

APA

CTP

{ISIN}

Price

Traded price of the transaction excluding, where applicable, commission and accrued interest.

Where price is reported in monetary terms, it shall be provided in the major currency unit.

Where price is currently not available but pending, the value should be "PNDG".

Where price is not applicable the field shall not be populated.

The information reported in this field shall be consistent with the values provided in field Quantity.

RM, MTF

APA

CTP

{DECIMAL-18/13} in case the price is expressed as monetary value

{DECIMAL-11/10} in case the price is expressed as percentage or yield

"PNDG" in case the price is not available

Price currency

Currency in which the price is expressed (applicable if the price is expressed as monetary value).

RM, MTF

APA

CTP

{CURRENCYCODE_3}

Quantity

Number of units of the financial instruments.

The nominal or monetary value of the financial instrument.

The information reported in this field shall be consistent with the values provided in field Price.

RM, MTF

APA

CTP

{DECIMAL-18/17} in case the quantity is expressed as number of units

{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value

Venue of execution

Identification of the venue where the transaction was executed.

Use the ISO 10383 segment MIC for transactions executed on a trading venue,. Where the segment MIC does not exist, use the operating MIC.

Use MIC code "XOFF" for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is not executed on a trading venue, systematic internaliser or organised trading platform outside of the UK.

Use SINT for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.

RM, MTF

APA

CTP

trading venues: {MIC}

Systematic internalisers: "SINT"

Publication date and time

Date and time when the transaction was published by a trading venue or APA.

For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 2 of Delegated Regulation (EU) 2017/574.

For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second.

RM, MTF

APA

CTP

{DATE_TIME_FORMAT}

Venue of Publication

Code used to identify the trading venue or APA publishing the transaction.

CTP

trading venue: {MIC}

APA: ISO 10383 segment MIC (4 characters) where available. Otherwise, 4-character code as published in the list of data reporting services providers on the FCA website.

Transaction identification code

Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.

The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.

Where the APA does not use MICs, it should be unique, consistent and persistent per 4-character code used to identify the APA per trading day.

The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained

RM, MTF

APA

CTP

{ALPHANUM-52}

Table 4 List of flags for the purpose of post-trade transparency

Flag

Name

Type of execution or publication venue

Description

"BENC"

Benchmark transactions flag

RM, MTF

APA

CTP

Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.

"ACTX"

Agency cross transactions flag

APA

CTP

Transactions where an investment firm has brought together clients' orders with the purchase and the sale conducted as one transaction and involving the same volume and price.

"NPFT"

Non-price forming transactions flag

RM, MTF

CTP

Transactions where the exchange of financial instruments is determined by factors other than the current market valuation of the financial instrument as listed under Article 13.

"TNCP"

Transactions not contributing to the price discovery process for the purposes of Article 23 of Regulation (EU) No 600/2014 flag

RM, MTFAPACTP

Transaction not contributing to the price discovery process for the purposes of Article 23 of Regulation (EU) No 600/2014 and as set out in Article 2.

"SDIV"

Special dividend transaction flag

RM, MTF

APA

CTP

Transactions that are either:

executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or

executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.

"LRGS"

Post-trade large in scale transaction flag

RM, MTF

APA

CTP

Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.

"RFPT"

Reference price transaction flag

RM, MTF

CTP

Transactions which are executed under systems operating in accordance with Article 4(1)(a) of Regulation (EU) No 600/2014.

"NLIQ"

Negotiated transaction in liquid financial instruments flag

RM, MTF

CTP

Transactions executed in accordance with Article 4(1)(b)(i) of Regulation (EU) No 600/2014.

"OILQ"

Negotiated transaction in illiquid financial instruments flag

RM, MTF

CTP

Transactions executed in accordance with Article 4(1)(b)(ii) of Regulation (EU) No 600/2014.

"PRIC"

Negotiated transaction subject to conditions other than the current market price flag

RM, MTF

CTP

Transactions executed in accordance with Article 4(1)(b)(iii) of Regulation (EU) No 600/2014 and as set out in Article 6.

"ALGO"

Algorithmic transaction flag

RM, MTF

CTP

Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Regulation 2(1) of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701).

"SIZE"

Transaction above the standard market size flag

APA

CTP

Transactions executed on a systematic internaliser where the size of the incoming order was above the standard market size as determined in accordance with Article 11.

"ILQD"

Illiquid instrument transaction flag

APA

CTP

Transactions in illiquid instruments as determined in accordance with Articles 1 to 9 of Commission Delegated Regulation (EU) 2017/567 executed on a systematic internaliser.

"RPRI"

Transactions which have received price improvement flag

APA

CTP

Transactions executed on a systematic internaliser with a price improvement in accordance with Article 15(2) of Regulation (EU) No 600/2014.

"CANC"

Cancellation flag

RM, MTF

APA

CTP

When a previously published transaction is cancelled.

"AMND"

Amendment flag

RM, MTF

APA

CTP

When a previously published transaction is amended.

"DUPL"

Duplicative trade reports flag

APA

When a transaction is reported to more than one APA in accordance with Article 17(1) of Delegated Regulation (EU) 2017/571.

ANNEX II Orders large in scale compared with normal market size, standard market sizes and deferred publications and delays

Table 1 Orders large in scale compared with normal market size for shares and depositary receipts

Average daily turnover (ADT) in EUR

ADT < 50000

50000 ≤ ADT < 100000

100000 ≤ ADT < 500000

500000 ≤ ADT < 1000000

1000000 ≤ ADT < 5000000

5000000 ≤ ADT < 25000000

25000000 ≤ ADT < 50000000

50000000 ≤ ADT < 100000000

ADT ≥ 100000000

Minimum size of orders qualifying as large in scale compared with normal market size in EUR

15000

30000

60000

100000

200000

300000

400000

500000

650000

Table 2 Orders large in scale compared with normal market size certificates and other similar financial instruments

Average daily turnover (ADT) in EUR

ADT < 50000

ADT ≥ 50000

Minimum size of orders qualifying as large in scale compared with normal market size in EUR

15000

30000

Table 3 Standard market sizes

Average value of transactions (AVT) in EUR

AVT < 20000

20000 ≤ AVT < 40000

40000 ≤ AVT < 60000

60000 ≤ AVT < 80000

80000 ≤ AVT < 100000

100000 ≤ AVT < 120000

120000 ≤ AVT < 140000

Etc.

Standard market size

10000

30000

50000

70000

90000

110000

130000

Etc.

Table 4 Deferred publication thresholds and delays for shares and depositary receipts

Average daily turnover (ADT) in EUR

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

> 100 m

10000000

60 minutes

20000000

120 minutes

35000000

End of the trading day

50 m-100 m

7000000

60 minutes

15000000

120 minutes

25000000

End of the trading day

25 m-50 m

5000000

60 minutes

10000000

120 minutes

12000000

End of the trading day

5 m-25 m

2500000

60 minutes

4000000

120 minutes

5000000

End of the trading day

1 m-5 m

450000

60 minutes

750000

120 minutes

1000000

End of the trading day

500000-1 m

75000

60 minutes

150000

120 minutes

225000

End of the trading day

100000-500000

30000

60 minutes

80000

120 minutes

120000

End of the trading day

50000-100000

15000

60 minutes

30000

120 minutes

50000

End of the trading day

< 50000

7500

60 minutes

15000

120 minutes

25000

End of the next trading day

Table 5 Deferred publication thresholds and delays for ETFs

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

10000000

60 minutes

50000000

End of the trading day

Table 6 Deferred publication thresholds and delays for certificates and other similar financial instruments

Average daily turnover (ADT) in EUR

Minimum qualifying size of transaction for permitted delay in EUR

Timing of publication after the transaction

ADT < 50000

15000

120 minutes

30000

End of the trading day

ADT ≥ 50000

30000

120 minutes

60000

End of the trading day

ANNEX III Reference data to be provided for the purpose of transparency calculations

Table 1 Symbol table

Symbol

Data Type

Definition

{ALPHANUM-n}

Up to n alphanumerical characters

Free text field.

{ISIN}

12 alphanumerical characters

ISIN code, as defined in ISO 6166

{MIC}

4 alphanumerical characters

Market identifier as defined in ISO 10383

Table 2 Details of the reference data to be provided for the purpose of transparency calculations

#

Field

Details to be reported

Format and standards for reporting

1

Instrument identification code

Code used to identify the financial instrument

{ISIN}

2

Instrument full name

Full name of the financial instrument

{ALPHANUM-350}

3

Trading venue

Segment MIC for the trading venue or systematic internaliser, where available, otherwise operational MIC.

{MIC}

4

MiFIR identifier

Identification of equity financial instruments

Shares as referred to in Article 2(1)(24)(a) of Regulation (EU) No 600/2014;

Depositary receipts as defined in Article 2(1)(25) of Regulation (EU) No 600/2014;

ETF as defined in Article 2(1)(26) of Regulation (EU) No 600/2014;

Certificates as defined in Article 2(1)(27) of Regulation (EU) No 600/2014;

Other equity-like financial instrument is a transferable security which is an equity instrument similar to a share, ETF, depositary receipt or certificate but other than a share, ETF, depositary receipt or certificate.

Equity financial instruments:

SHRS = shares

ETFS = ETFs

DPRS = depositary receipts

CRFT = certificates

OTHR = other equity-like financial instruments