The European Securities and Markets Authority has published a consultation paper seeking input on draft Regulatory Technical Standards (RTS) under the Market in Financial Instruments Regulation (MiFIR) Review, covering derivatives transparency requirements, amendments to RTS on package orders, and RTS specifying input and output data for the over-the-counter (OTC) derivatives consolidated tape. On derivatives transparency, the proposals address a new deferral regime for exchange traded derivatives (ETD) and OTC derivatives, including size thresholds, liquidity determination and deferral durations for post-trade transparency. The paper also asks for feedback on limited changes to pre-trade waivers and amendments to post-trade transparency fields and flags. For package orders, ESMA is considering the new scope and liquidity determination for derivatives, while the consolidated tape RTS focuses on input/output data requirements, including data quality requirements for prospective consolidated tape providers (CTPs) and data contributors. The consultation closes on 3 July 2025. ESMA plans to publish a final report and submit the draft technical standards to the European Commission in Q4 2025.
European Securities and Markets Authority 2025-04-03
European Securities and Markets Authority launches consultation on MiFIR Review RTS for derivatives transparency, package orders and the OTC derivatives consolidated tape
The European Securities and Markets Authority (ESMA) released a consultation paper on draft Regulatory Technical Standards under the Market in Financial Instruments Regulation Review. It seeks input on derivatives transparency requirements, amendments to package orders, and specifications for over-the-counter derivatives consolidated tape data. Key proposals include a new deferral regime for exchange traded and OTC derivatives, changes to pre-trade waivers, and data quality requirements for consolidated tape providers.