European Union – October 27, 2026 -- The European Securities and Markets Authority (ESMA) has updated its transparency manual with new guidance on identifying over-the-counter (OTC) derivatives subject to transparency requirements and on applying the tick-size regime.
ESMA specifies how OTC derivatives reference data must be supplied
The update clarifies how identifying reference data for OTC derivatives should be provided for transparency purposes. ESMA aims to make the data reported to, and published through, the consolidated tape more consistent.
The guidance on OTC identifying reference data remains a draft until the related technical standards enter into force: RTS 2 and the RTS on CTP input/output data.
Manual adds tick-size Q&As and recommendations on supervisory intervention
The manual now includes several previously published Q&As on the tick-size regime. It also adds recommendations on applying the regime, including the circumstances in which trading venues and national competent authorities may intervene.
ESMA says the additions are meant to enhance supervisory convergence on the application of the tick-size regime.