ESMA updates transparency manual with guidance on OTC derivatives and tick-size regime

The European Securities and Markets Authority (ESMA) has published an updated manual on transparency under the Markets in Financial Instruments Directive II and Markets in Financial Instruments Regulation. The updated manual provides further guidance on identifying over-the-counter (OTC) derivatives subject to transparency requirements and clarifies how identifying reference data for OTC derivatives should be provided for transparency purposes, with a view to supporting consistency in data reported to and published through the consolidated tape. It also incorporates published Q&As and new recommendations on the application of the tick-size regime, including circumstances in which trading venues and national competent authorities may intervene. ESMA notes that the new guidance on upcoming changes with regard to OTC identifying reference data should be considered draft as the relevant amending Regulation has not yet entered into force.

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