ESMA final draft RTS under MiFIR Review on derivatives transparency, package orders and input and output data for the derivatives consolidated tape

The European Securities and Markets Authority (ESMA) has published its final report under the MiFIR Review on derivatives transparency, package orders, and the over-the-counter (OTC) derivatives consolidated tape input and output data. The final report includes ESMA's assessment and feedback received to the MiFIR Review consultation package published in April, covering the new MiFIR transparency regime for exchange-traded derivatives (ETD) and OTC derivatives and the corresponding amendments to Commission Delegated Regulation (EU) 2017/583 2 on transparency for non-equity instruments ("RTS 2").

Based on the new scope of derivatives subject to transparency, it sets the approach for the liquidity determination relevant for pre-trade waivers and introduces amendments to post-trade transparency fields and flags.

In addition, it has included ESMA's proposals on the new deferral regime for ETD and OTC derivatives, including the different size thresholds and deferral durations to be applied for post-trade transparency. The final report also presents the final proposals to review Commission Delegated Regulation (EU) 2017/21943 ("Package order RT") reflecting the new scope of derivatives and the liquidity determination. Finally, it contains the final proposals deriving from ESMA's new mandate to develop draft regulatory technical standards (RTS) prescribing data quality requirements for prospective consolidated tape providers (CTPs) and data contributors, covering the OTC derivatives tape. The final draft RTS have been submitted to the European Commission, which will now have three months to decide whether to endorse them. The new rules are expected to start applying on 1 March 2027.

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