ESMA has launched a consultation on certain technical issues to provide further guidance in its future manual on post-trade transparency.

This Consultation Paper focuses on the new Level 3 guidance that will be included in the manual which is meant to provide further clarifications on:
  • issues related to post-trade transparency to improve the consistency and usability of the information published; and
  • the reporting to ESMA’s Financial Instruments Reference Data System – FITRS – for the performance of the transparency calculations.
The manual will provide a general overview of the post-trade transparency regime for equity, equity-like and non-equity instruments and will include in one single document:
  • legal references of Level 1 (MiFIR / MiFID II);
  • legal references of Level 2 (RTS 1 and RTS 2);
  • legal references of Level 3 (Opinions/Guidelines);
  • guidance included in previously published Q&As; and
  • new Level 3 guidance.
The European Commission adopted RTS 1 and RTS 2 on 17 January. ESMA sent a positive opinion on the latter regulatory technical standards at the end of 2022.
The consultation will end on 31 March 2023.
The analysis shows a significant increase of the number of individuals working for EU banks and investment firms who received a remuneration of more than EUR 1 million. This increase is linked to the overall good performance of institutions, in particular in the area of investment banking and trading and sales, continuing relocations of staff from the UK to the EU and a general increase in salaries.