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

What happened

The European Securities and Markets Authority (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 clarifies how the identifying reference data for OTC derivatives should be provided for transparency purposes. It also includes published Q&As on the tick size regime and adds recommendations on the application of the tick-size regime, comprising when trading venues and national competent authorities may intervene in specific circumstances.

Details of the update

The updated manual clarifies provision of identifying reference data for OTC derivatives in order to support greater consistency in the data reported to and published through the consolidated tape. It incorporates several published Q&As on the tick size regime and adds recommendations on how the tick-size regime should be applied. The recommendations include guidance on circumstances in which trading venues and national competent authorities may intervene. The changes are presented as amendments and clarifications to the Manual on post-trade transparency under MiFID II/ MiFIR.

Next steps and related documents

With regard to the guidance on OTC identifying reference data, ESMA states 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). ESMA lists a related document: Manual on post-trade transparency under MiFID II/ MiFIR, dated 15/10/2026, reference ESMA74-2134169708-6870. The update is presented by ESMA as further guidance and recommendations within the manual framework.