The European Securities and Markets Authority updated its MiFID II and MiFIR transparency manual to clarify which over-the-counter derivatives are subject to transparency requirements and how their identifying reference data should be reported. The guidance is intended to support consistent data reported to and published through the consolidated tape as the related framework is implemented. The manual also incorporates Q&As and recommendations on the tick-size regime, including circumstances in which trading venues and national competent authorities may intervene. The guidance on OTC derivative identifying reference data remains draft until the related regulatory technical standards on non-equity transparency and consolidated tape input and output data enter into force.
European Securities and Markets Authority updates transparency manual on OTC derivatives and tick sizes
The European Securities and Markets Authority updated its transparency manual with guidance on identifying in-scope OTC derivatives and reporting their reference data for the consolidated tape. It also added Q&As and recommendations on the tick-size regime, while the OTC reference-data guidance remains draft pending the related technical standards.