The European Securities and Markets Authority (ESMA) has published a manual on post-trade transparency. The document is described as “a user-friendly tool” that “provides market participants and national competent authorities with guidance for how to apply the relevant Markets in Financial Instruments Regulation (MiFIR) obligations in a consistent manner”.
Five areas of coverage are listed:
1) The instruments and transactions that are subject to post-trade transparency
2) The parties that have to report and publish post-trade transparency information
3) The rules guiding whether information that should be made public is released in real-time or deferred
4) The reporting fields and flags for post-trade information that has to be made public
5) Transparency calculations in relation to the scope of instruments and transactions
The manual is the main document in a package that also comprises, among other reports, the updated Q&A on MiFID II and MiFIR transparency topics. ESMA has published links to all documents in the update on its website. The manual will be kept updated with legal and legislative changes as well as the results of the review of MiFIR.
