ESMA updates its manual on transparency with new guidance for OTC derivatives and tick-size regime
The Neural Herald summary, AI-generated
Notice on the use of AI. In compliance with Article 50(4) of Regulation (EU) 2024/1689 on Artificial Intelligence (AI Act), we disclose that the summaries, explanations and translations published by The Neural Herald are generated with artificial intelligence and published without prior human review. The linked official documents belong to each body and were not generated by our AI. Our summaries may contain errors: always check the original document.
ESMA updates its MiFID II/MiFIR post-trade transparency manual with guidance on identifying OTC derivatives subject to transparency and on providing their reference data, consistent with the consolidated tape. It also adds Q&As and recommendations on the tick-size regime.
Key points
- Clarifies how identifying reference data for OTC derivatives should be provided.
- Recommendations on when trading venues and authorities may intervene under the tick-size regime.
- The OTC derivatives part remains a draft until RTS 2 and the RTS on CTP data enter into force.
Who is affected
Trading venues, systematic internalisers, APAs, consolidated tape providers and national authorities.
Deadlines
The OTC reference data guidance becomes final when RTS 2 and the RTS on CTP input/output data enter into force.
Plain-language version
ESMA, the EU's stock market watchdog, has updated its manual on what markets must publish after each trade, such as price and volume. It adds guidance on derivatives traded outside exchanges (OTC) and on tick size, the smallest step by which a price can move. More transparency lets everyone see the prices at which trading is happening.
Read the original document →
Prompt for your AICopies a ready-to-paste prompt for ChatGPT, Claude or Gemini: it asks the model to read the official document and not to make anything up.
Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
More from ESMA
- 11 November 2026Market makers and authorised primary dealers who are using the exemption under the SSR - XLS
- 11 November 2026Market makers and authorised primary dealers who are using the exemption under the SSR - PDF
- 10 November 2026List of designated authorities, payment systems and securities settlement systems
- 9 November 2026Register of authorised European long-term investment funds (ELTIFs)
- 9 November 2026EU seeks nominations for stakeholder group on tokenisation standards in finance
- 9 November 2026Call for nominations for the European Tokenisation Standards Group