On 13 July 2026, the European Commission adopted a Delegated Regulation (C(2026) 4777 final) amending transparency rules for derivatives, package orders, and the OTC derivatives consolidated tape, while correcting an error in equity transparency rules. The regulation introduces static thresholds for large-in-scale orders and deferred publication, groups exchange-traded equity derivatives into subclasses by average daily notional amounts, and specifies commodity derivatives by contract type, underlying, maturity, load type, and delivery location. It also clarifies that pre-trade transparency for package orders applies only if all components are subject to it, and sets input/output data standards for the OTC derivatives consolidated tape, excluding exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) from the bonds tape. A correction restores Article 12(6) of Delegated Regulation (EU) 2017/587, requiring investment firms to ensure single-transaction publication, and removes inadvertently retained Article 12(4). The application date is deferred to allow market participants preparation time, ensuring timely establishment of the OTC derivatives tape.
The regulation, prepared by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), is a delegated act that amends three existing delegated regulations: (EU) 2017/583 on derivatives transparency, (EU) 2017/2194 on package orders, and (EU) 2025/1155 on the OTC derivatives consolidated tape. It also corrects Delegated Regulation (EU) 2017/587 on equity transparency. The changes aim to enhance market transparency and data quality in derivatives markets, supporting the Capital Markets Union and the European Single Access Point (ESAP).
Policy orientations and trade-offs The regulation introduces static thresholds for large-in-scale orders and deferred publication, replacing dynamic thresholds that required frequent recalibration. This provides regulatory certainty for trading venues and investment firms but may reduce flexibility to adapt to changing market conditions. The grouping of exchange-traded equity derivatives into subclasses by average daily notional amounts aims to improve transparency while avoiding excessive disclosure of large positions. For commodity derivatives, the detailed specification by contract type, underlying, maturity, load type, and delivery location increases granularity but may raise compliance costs for firms trading diverse commodity contracts.
The alignment of package order rules ensures that pre-trade transparency applies only when all components are subject to it, reducing the risk of partial disclosures that could distort pricing. However, this may limit transparency for packages containing non-transparent components. The exclusion of ETCs and ETNs from the bonds tape clarifies the scope of the OTC derivatives tape, preventing overlap but potentially reducing data availability for these instruments.
Impact on stakeholders - Trading venues and investment firms: Must update their systems to comply with new static thresholds, subclassifications, and data standards. Compliance costs are expected to be moderate, with the deferred application date providing preparation time. The correction to Delegated Regulation (EU) 2017/587 reinstates a requirement for single-transaction publication, which may affect operational processes for equity trading. - Data contributors to the OTC derivatives tape: Must ensure input and output data meet the specified standards, excluding ETCs and ETNs. This may require adjustments to data reporting systems but clarifies obligations. - Market participants (investors, end-users): Benefit from improved transparency and data quality, enabling better price discovery and risk assessment. However, the exclusion of ETCs and ETNs from the bonds tape may limit access to consolidated data for these instruments. - Regulatory bodies (ESMA, national competent authorities): Gain clearer rules for monitoring market transparency and enforcing compliance. The static thresholds reduce the need for frequent updates but may require periodic review to ensure appropriateness.
Institutional follow-up The Delegated Regulation will be transmitted to the European Parliament and the Council for scrutiny under the regulatory procedure with scrutiny. They have three months to object. If no objection is raised, the regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union, with the deferred application date set out in Article 5.