Page 30 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

 Transparency requirements for derivatives: covering the new deferral

regime for Exchange Traded Derivatives (ETD) and OTC derivatives,

specifying size thresholds, liquidity determination and deferral durations for

post-trade transparency. ESMA also asks input on limited amendments for

pre-trade waivers, and amendments to post-transparency fields and flags.

 RTS on package orders: considering the new scope and liquidity

determination for derivatives.

 RTS on input/output data for the OTC derivatives consolidated tape:

including the data quality requirements for the prospective CTPs and data

contributors.

Next Steps

The consultation will remain open until 3 July 2025. Based on the feedback

received, ESMA will publish a final report and submit the draft technical standards to

the European Commission (EC) in Q4 2025.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-transparency-requi

rements-derivatives-under-mifir-review

11. 欧盟证券与市场管理局就《欧盟市场基础设施监管条例 3》下的清算门槛

征求意见（2025 年 4 月 8 日）

欧盟证券与市场管理局（ESMA，欧盟证券市场的监管者），正在就《欧盟

市场基础设施监管条例 3》（EMIR 3）审查中提出的新清算门槛征求意见。

征求意见稿是 ESMA 制定清算门槛的监管技术标准（RTS）任务的一部分，

涵盖以下内容：

 提出一套修订后的清算门槛；

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