ESMA updates manual on pre-trade and post-trade transparency under MiFID II/MiFIR

On 15 October 2026, the European Securities and Markets Authority (ESMA) updated its manual on pre-trade and post-trade transparency under MiFID II/MiFIR.

The updated manual provides further guidance on the identification of over-the-counter (OTC) derivatives subject to transparency requirements, clarifies how the identifying reference data for OTC derivatives should be provided for transparency purposes and 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 Member State competent authorities may intervene in specific circumstances.

ESMA states that 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 consolidated tape provider input/output data).