Page 46 - 期货和衍生品行业监管动态（2025年12月）

期货和衍生品行业监管动态

监管技术标准。新规则预计将于 2027 年 3 月 1 日起开始实施。

ESMA Finalises Technical Standards on Derivatives Transparency and the OTC

Derivatives Tape (2025/12/15)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, published today the Final Report covering mandates

under the MiFIR Review on derivatives trade transparency, package orders and the

over-the-counter (OTC) derivatives consolidated tape input and output data.

The proposed pre- and post-trade transparency requirements for exchange traded

derivatives (ETDs) and OTC derivatives are designed to provide a high level of

transparency whilst ensuring that liquidity providers are protected from undue risk.

In the final proposals, ESMA has taken on board stakeholders’ feedback to

streamline and improve the deferral regime initially proposed in the public

consultation, in particular concerning equity ETDs and single-name credit default

swaps.

The regulatory technical standard (RTS) also ensures that the new deferral

regime is in place ahead of the go live of the OTC derivatives consolidated tape

(CTP).

The package order RTS has been adapted to the changes introduced to the

transparency framework following the MiFIR review.

Regarding the mandate on data quality requirements for the consolidated tapes,

the report includes a proposed amendment to the RTS on input and output data. This

amendment outlines the list of fields to be transmitted to and disseminated by the

OTC derivatives CTP and provides a clarification on the scope of the bonds CTP with

respect to Exchange Traded Commodities/Exchange Traded Notes instruments.

The Simplification and Burden Reduction principle was applied by consolidating

all derivative-related amendments into one review, setting a single application date

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