A Commission Delegated Regulation published by the Council on 14 July 2026 introduces static thresholds for large-in-scale orders and deferred publication for derivatives, tightens pre-trade transparency rules for package orders, and specifies input and output data for the OTC derivatives consolidated tape, while correcting a previous error in Delegated Regulation (EU) 2017/587. The regulation, adopted by the Commission on 13 July 2026, amends three existing delegated acts: (EU) 2017/583 on derivatives transparency, (EU) 2017/2194 on package orders, and (EU) 2025/1155 on the OTC derivatives consolidated tape. It also restores Article 12(6) of Delegated Regulation (EU) 2017/587, which requires single-transaction publication, and removes an inadvertently retained Article 12(4). The amendments aim to enhance market transparency and data quality for derivatives trading, affecting trading venues, investment firms, and data contributors.
Derivatives transparency overhaul Article 1 of the regulation updates Delegated Regulation (EU) 2017/583 by introducing static thresholds for large-in-scale orders and deferred publication, grouped by contract type such as equity and commodity derivatives. It deletes Article 1a and Article 11, and amends Articles 14-16 to limit their scope to non-Eurosystem ESCB members and update references. The static thresholds replace the previous dynamic calculation, providing greater predictability for market participants. This change is expected to reduce compliance costs for trading venues and investment firms, but may limit flexibility in adapting to market conditions.
Package order rules tightened Article 2 amends Delegated Regulation (EU) 2017/2194 to stipulate that pre-trade transparency applies to a package order only if all its components are subject to pre-trade transparency. The amendment aligns the scope with OTC derivatives under Article 8a(2) of MiFIR, ensuring consistent treatment. This could reduce the number of package orders eligible for pre-trade transparency waivers, increasing transparency for investors but potentially increasing operational burdens for investment firms executing such orders.
OTC derivatives consolidated tape data framework Article 3 amends Delegated Regulation (EU) 2025/1155 to exclude exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) from the bonds tape, and specifies the input and output data for the OTC derivatives consolidated tape, consistent with the derivatives transparency rules. This provides clarity for data contributors and tape providers, facilitating the launch of the OTC derivatives tape. The exclusion of ETCs and ETNs may simplify data reporting for some firms but could reduce the comprehensiveness of the bonds tape.
Correction of prior error Article 4 corrects Delegated Regulation (EU) 2017/587 by restoring Article 12(6), which requires single-transaction publication, and removing inadvertently retained Article 12(4). This correction ensures that the original transparency requirements for non-equity instruments are properly applied, benefiting market participants relying on accurate data.
Phased application The regulation provides for deferred application of the amendments to (EU) 2017/583, (EU) 2017/2194, and the OTC derivatives tape data rules to give market participants preparation time. The correction in Article 4 applies immediately. The European Securities and Markets Authority (ESMA) is expected to issue guidelines to support implementation. The regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.