Investment Operations

ESMA Publishes Manual on Post-Trade Transparency

Post Trade Transparency

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Manual on post-trade transparency. As a user-friendly tool for post-trade transparency and transparency calculations, the manual is intended to provide market participants and national competent authorities with guidance on how to apply the relevant MiFIR obligations in a consistent manner.

According to ESMA, with an aim to provide clarity amongst the large scope of instruments covered under MiFIR and the complexity of the system, the Manual covers:

  • which instruments and transactions are subject to post-trade transparency;
  • who has to report and publish post-trade transparency information;
  • when post-trade information has to be made public: real-time vs deferred;
  • which post-trade information has to be made public: reporting fields and flags; and
  • the common aspects as well as the differences between the post-trade transparency regime and the transparency calculations in relation to the scope of instruments and transactions.

The Manual is the main document of a package that also consists of:

  • the Final Report on the public consultation on the additional Level 3 guidance on RTS 1 and 2 integrated into the Manual, published today;
  • the updated version CFI code – MiFIR identifier mapping, also published today;
  • new excel file where the classification of bonds issued by certain public bodies is clarified, also published today; and
  • the updated Q&A on MiFID II and MiFIR transparency topics – the version of this document reflecting the integration of certain Q&As into the Manual will be published in October 2023; until then, the guidance in the Manual prevails on that of the Q&As indicated to have been integrated in the Manual itself.

Analysts expect the Manual the expected to be updated on a regular basis when further guidance is necessary or legal and legislative changes occur. The Manual will also be updated following the review of MiFIR and the revision of its relevant Level 2, said ESMA in a statement.