On 10 October 2025, the European Securities and Markets Authority (ESMA) issued a red line version of its updated manual on post-trade transparency under MiFID II/MiFIR.

The updates to the manual reflect the changes in the revised MiFID II/MiFIR that were not affected by Level 2 measures.

In December 2024, ESMA submitted its Final Reports on the review of Regulatory Technical Standard (RTS) 13 and RTS 24 (limited to bonds, structured finance products and emission allowances). The current update of the manual reflects the changes introduced by those amendments to Level 2.

The updated manual includes a new section 6 dealing with pre-trade transparency for equity instruments and a new section 7 with the input/output data reported to/transmitted by the consolidated tape provider.

The manual does not provide EU law interpretation nor does it contain supervisory elements. Rather it is intended to promote common approaches and practices in the implementation of the applicable MiFID II and MiFIR post-transparency legal requirements by clarifying the relevant legal provisions and thus assisting Member State competent authorities, natural or legal persons.