The European Securities and Markets Authority (ESMA) has published a final report on certain mandates under the review of the Markets in Financial Instruments Regulation (MiFIR). The mandates cover derivatives trade transparency, package orders, as well as the input and output data for the consolidated tape (CT) for over-the-counter (OTC) derivatives.
Under post-trade transparency, the report draws out the different size thresholds and deferral durations under the new deferral regime for exchange-traded and OTC derivatives. It also proposes amendments to post-trade transparency fields for OTC derivatives.
Under data quality requirements for potential consolidated tape providers (CTPs) of the OTC derivatives tape, the report draws out market data that trading venues and the CTP must disseminate. It also clarifies that exchange-traded commodities and exchange-traded notes are excluded from the bond CTP.
The final report is a follow-up on ESMA’s MiFIR Consultation Package 4, which was published in April this year. The package covered the new transparency regime for exchange-traded derivatives and OTC derivatives. In addition, it also addressed transparency for non-equity instruments.
ESMA has proposed 1 March 2027 as the implementation date for all changes related to derivatives. The final report has been submitted to the European Commission for endorsement.
