On 12 May 2026, the European Securities and Markets Authority (ESMA) updated its Manual on pre-trade and post-trade transparency under MiFID II/MiFIR.
On pages 12 to 21 of the Manual ESMA sets out a table setting out the updates that it has made to the Manual.
The updates include a new paragraph 143 which has been added on page 318:
143. For the purpose of Article 8a of RTS 2, as well as for the application of supplementary deferrals under Article 11(3) of MiFIR, references to the “end of the trading day” (EoD) should be understood as follows:
- On-venue transactions: EoD means that the transaction needs to be made public at the end of the trading hours of that given trading venue;
- Off-venue transactions: the publication should take place by 19.00 local time.
Next steps
In the Manual ESMA states that further updates are expected in the context of the MiFID II/ MiFIR review and the subsequent Regulatory Technical Standard 2 review for derivatives and any further legislative or legal change impacting its content. Furthermore, the Manual will be regularly updated addressing new questions from market participants similarly to ESMA Q&A documents.