Scheda

ESMA updated its manual on transparency to provide further guidance on the identification of over-the-counter (OTC) derivatives subject to transparency requirements and to enhance supervisory convergence on the application of the tick-size regime. The update also clarifies how the identifying reference data for OTC derivatives should be provided for transparency purposes, supporting greater consistency in the data reported to and published through the consolidated tape.  The manual finally includes several published Q&As on the tick size regime, as well as the addition of recommendations on the application of the tick-size regime, comprising when trading venues and national competent authorities may intervene in specific circumstances.

Next steps: with regard to the guidance on OTC identifying reference data, the updated manual should be considered a draft until the entry into force of the related technical standards (RTS 2 and RTS on CTP input/output data).