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  • Writer's pictureDeborah

Published on January 19, the Consultation Paper - Manual Post-Trade Transparency (CP) comprises the European Securities and Markets Authority (ESMA) additional guidance on issues related to post-trade transparency as well as on the reporting to ESMA’s Financial Instruments Reference Data System (FITRS).


The CP includes the requirements relating to post-trade transparency applicable to equity, equity-like and non-equity instruments. More specifically, ESMA seeks feedback on the following areas:

  • The scope of instruments and transactions subject to post-trade transparency

  • The relevant entities in charge of the reporting and publication of post-trade transparency information

  • Publication of post-trade transparency information: real-time vs. deferred publication

  • Which post-trade transparency information has to be made public (i.e. reporting fields and flags)

  • 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.

This CP is of particular interest for entities subject to the post-trade transparency requirements and/or reporting such information (e.g. investment firms, …).


Interested stakeholders are invited to provide their comments by 31 March 2023.


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