.jpg)
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is asking for input on proposals for Regulatory Technical Standards (RTS) on transparency requirements for derivatives, amendments to RTS on package orders, and RTS on input/output data for the over-the-counter (OTC) derivatives consolidated tape.
ESMA is developing various technical standards further specifying certain provisions set out in the Market in Financial Instruments Regulation (MiFIR) Review. This consultation paper covers the following three areas:
- Transparency requirements for derivatives: covering the new deferral regime for Exchange Traded Derivatives (ETD) and OTC derivatives, specifying size thresholds, liquidity determination and deferral durations for post-trade transparency. ESMA also asks input on limited amendments for pre-trade waivers, and amendments to post-transparency fields and flags.
- RTS on package orders: considering the new scope and liquidity determination for derivatives.
- RTS on input/output data for the OTC derivatives consolidated tape: including the data quality requirements for the prospective CTPs and data contributors.
