Regulation (EU) 2026/1763: static derivatives transparency thresholds from 1 March 2027
European CommissionTechnical standards (EU) 2026/1763Issued
By the ExamPass CY editorial teamPublished
- MiFID II
- Reporting
Short answer
From 1 March 2027, trading venues will apply static thresholds for large-in-scale orders, liquidity and deferred publication of derivatives trades, and investment firms that trade certain OTC derivatives outside a venue static deferral thresholds, under Commission Delegated Regulation (EU) 2026/1763, published in the Official Journal on 23 October 2026. Package orders will face pre-trade transparency only where all their components do, and the OTC derivatives consolidated tape gets its data fields. A correction restoring the single-transaction publication rule for shares applies from 12 November 2026.
At a glance
- What changes
- Static thresholds, set in tables by contract type, underlying and time to maturity, decide when a derivatives order is large in scale, whether a derivative has a liquid market and how long trade details may be deferred. Package orders get pre-trade transparency only where all components are subject to it.
- Who is affected
- Trading venues that trade derivatives and investment firms that trade the OTC derivatives in Article 8a(2) of MiFIR outside a venue, plus data contributors to the OTC derivatives consolidated tape.
- Operators of regulated markets, MTFs and OTFs that trade derivatives
- Investment firms that trade the OTC derivatives within MiFIR's transparency scope (certain credit default swaps and interest rate derivatives) outside a trading venue
- Investment firms that make trades in shares and similar instruments public
- Members, participants and users of trading venues, for business-clock accuracy
- What to do
- Map traded derivatives to the new classes and thresholds, update pre-trade waiver and deferral logic and package-order handling, and prepare the data fields for the OTC derivatives consolidated tape.
- By when
- 1 March 2027 (in force from 12 November 2026, when the correction for shares and the new clock-accuracy table apply)
What is Regulation (EU) 2026/1763 and when does it apply?
Commission Delegated Regulation (EU) 2026/1763 of 13 July 2026 was published in the Official Journal on 23 October 2026. It is based on draft regulatory technical standards submitted by ESMA under MiFIR (Regulation (EU) No 600/2014). It amends three sets of standards: Delegated Regulation (EU) 2017/583 on transparency for bonds, structured finance products, emission allowances and derivatives, Delegated Regulation (EU) 2017/2194 on package orders, and Delegated Regulation (EU) 2025/1155 on the input and output data of consolidated tapes. It also corrects Delegated Regulation (EU) 2017/587 on transparency for shares and similar instruments.
The Regulation enters into force on 12 November 2026, the twentieth day after publication. The changes to the derivatives transparency rules, to package orders and to the consolidated tape data apply from 1 March 2027, to give market participants time to prepare. The correction for shares and the replaced table on business-clock accuracy are not deferred, so they apply from 12 November 2026.
What changes in derivatives transparency from 1 March 2027?
Derivatives are grouped by contract type, type of underlying and time to maturity, with further characteristics for commodity derivatives, such as the load type and delivery location of energy derivatives. Static thresholds in Annex III then decide when an order is large in scale for pre-trade transparency, and a static determination of liquidity decides whether a derivative is treated as not having a liquid market, both for the illiquid-instrument waiver and for deferrals. Exchange-traded equity derivatives are split into subclasses with bands based on average daily notional amount, which regulated market operators recalculate every two years and publish at least one month before the thresholds apply.
Post-trade deferrals follow static size thresholds for medium, large and very large transactions. The recitals describe these as minimum thresholds, so venue operators may adopt higher ones. Market operators and operators of MTFs and OTFs, and investment firms trading outside a trading venue, may defer the volume and price of trades in the OTC derivatives covered by Article 8a(2) of MiFIR, that is certain credit default swaps and interest rate derivatives, for no longer than the periods in the tables. Articles 9, 10 and 11 of Delegated Regulation (EU) 2017/583 and its Annexes IV and V are deleted. For background, see our study note on non-equity trade transparency.
What changes for package orders and the consolidated tape?
A package order is a set of interlinked orders priced as one economic unit. The amended Delegated Regulation (EU) 2017/2194 subjects it to pre-trade transparency only where every component is subject to it, and a package transaction eligible for deferral has all its components published once the deferral period ends. The lists of sub-asset classes for interest rate and equity derivative packages are rewritten.
For the consolidated tape, the Regulation sets the data that contributors must send to, and the provider must disseminate from, the tape for OTC derivatives, consistent with the transparency rules. Data on exchange-traded commodities and exchange-traded notes is taken out of the bond tape, because those instruments trade more like shares and ETFs than bonds.
What applies from 12 November 2026?
A 2025 amendment inadvertently deleted the rule that investment firms take all reasonable steps to make a transaction public as a single transaction. The correction restores it in Article 12(6) of Delegated Regulation (EU) 2017/587: two matching trades entered at the same time and for the same price with a single party interposed count as one transaction. It also deletes Article 12(4), which had been inadvertently retained. See our study note on equity trade transparency.
The same day, a new table on the level of business-clock accuracy for members, participants and users of trading venues replaces the existing one in Delegated Regulation (EU) 2025/1155. It sets a maximum divergence from UTC of 100 microseconds for high-frequency algorithmic trading, 1 second for voice trading, request-for-quote systems where the response requires human intervention or the system does not allow algorithmic trading and negotiated transactions, and 1 millisecond for all other trading activity.
In the official wording
“Package orders should therefore be subject to pre-trade transparency requirements only where all their components are subject to those requirements.”
When does it apply?
Applies now
- Regulation (EU) 2026/1763 was published on 23 October 2026 and enters into force on 12 November 2026; until then nothing in it applies, and the current derivatives transparency rules in Delegated Regulation (EU) 2017/583 continue to apply until 1 March 2027.
Applies later
- Entry into force; the restored single-transaction publication rule in Article 12(6) of Delegated Regulation (EU) 2017/587 and the new business-clock accuracy table for members, participants and users of trading venues apply.
- Static large-in-scale, liquidity and deferral thresholds for derivatives, the package-order changes, the OTC derivatives consolidated tape data fields and the removal of ETC and ETN data from the bond tape.
What to do
- If the firm reports trades in shares and similar instruments, check that two matching trades entered at the same time and for the same price with a single party interposed are published as one transaction.By
- If the firm is a member, participant or user of a trading venue, check business-clock accuracy against the new table.By
- If the firm operates a trading venue, map traded derivatives to the new classes and update large-in-scale, liquidity and deferral logic. If it trades the OTC derivatives in Article 8a(2) of MiFIR outside a venue, update its deferral logic.By
- Review package-order handling so that pre-trade transparency applies only where all components are subject to it, and prepare the data fields for the OTC derivatives consolidated tape.By
In the exam
In the CySEC Advanced exam this connects to MiFIR pre-trade and post-trade transparency, the large-in-scale and illiquid-instrument waivers and deferred publication for non-equity instruments.
Related study notes
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Practise the topics behind this update
Exam-style questions with a hint before you answer and a full explanation after, chapter by chapter.
Sources
- Commission Delegated Regulation (EU) 2026/1763 of 13 July 2026 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2017/583, (EU) 2017/2194 and (EU) 2025/1155, and correcting Delegated Regulation (EU) 2017/587 (opens in a new tab)
EUR-LexOfficial text
- Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR) (opens in a new tab)
EUR-LexOfficial text
- Commission Delegated Regulation (EU) 2017/583 on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (opens in a new tab)
EUR-LexOfficial text
Summary prepared by the ExamPass CY editorial team; it is not the official text. Quotations are reproduced from the source for the purpose of reporting and review.
© European Union, https://eur-lex.europa.eu. EU material is reused with credit and has been summarised; only the Official Journal of the European Union is authentic.