Regulatory Alerts2025-12-15
ESMA Final Report on MiFIR Review for Derivatives Transparency, Package Orders, and CTP Data
The European Securities and Markets Authority (ESMA) issued this final report to propose amendments to Regulatory Technical Standards regarding pre- and post-trade transparency for exchange-traded and over-the-counter derivatives. The document establishes new liquidity determination approaches, deferral regimes, and specific data fields for the derivatives consolidated tape while excluding certain illiquid instruments like forward rate agreements. These measures aim to align with the MiFIR review mandate and ensure the operational readiness of consolidated tape providers by March 2027.
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