ESMA updates transparency manual for OTC derivatives and tick-size regime
Europe's securities watchdog is refining market transparency rules with updated guidance on over-the-counter derivatives and trading tick sizes. The changes also clarify reference data requirements for OTC derivatives, aiming to improve consistency in information reported to and published through the consolidated tape.
Highlights
- ESMA updated its transparency manual to clarify identification and reporting of OTC derivatives subject to transparency requirements for greater supervisory convergence.
- The manual now includes previously published Q&As on the tick-size regime, offering new recommendations for trading venue and national authority interventions.
- These revisions aim to enhance consistency in data reporting and publication via the consolidated tape, supporting regulatory oversight and data quality in EU markets.
Guidance expands oversight of derivatives trading
As reported by the European Securities and Markets Authority, the updated manual on transparency provides further guidance on identifying over-the-counter, or OTC, derivatives that are subject to transparency requirements and is intended to strengthen supervisory convergence in how the tick-size regime is applied.The revisions clarify how identifying reference data for OTC derivatives should be submitted for transparency purposes. ESMA says this is meant to support greater consistency in the data reported to and published through the consolidated tape.
Tick-size rules gain further clarification
The manual also incorporates several previously published Q&As on the tick-size regime. It adds recommendations on how the regime should be applied, including circumstances in which trading venues and national competent authorities may intervene.The update is part of ESMA's broader supervisory role across the European Union securities market, where consistent application of transparency and market structure rules is important for trading operations, regulatory oversight and data quality.
In our earlier article on Europe’s uneven growth outlook, we outlined how the latest IMF forecasts point to improving prospects in Germany, the UK, and Spain, while France continues to lag. We also noted that persistent inflation risks, limited fiscal headroom, and shifting trade dynamics are influencing credit conditions and borrowing costs across the region.
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