The European Securities and Markets Authority has releasedits annual transparency calculations for equity and equity-like instruments inthe European Union. These calculations will inform market transparencyrequirements over the coming year.The release follows ESMA efforts to reshape how derivativestrades are reported and displayed, which affectsCFD brokers that hedge through EU venues. The authority published finalMiFIR standards introducing fixed transparency thresholds, new post-tradereporting fields, and revised timing rules. The package also lays the groundwork for a pan‑EUOTC derivatives “consolidatedtape” in 2027.Brokers will need to adapt systems for trade reporting, identifiers, anddeferral logic, even if retail CFDs remain unchanged.Equity Rules Lead to Derivatives ConsolidationThe assessments cover liquidity, the identification of themost relevant market, average transaction values, standard market sizes, andthe average number of daily transactions. The results are intended to guidepre-trade and post-trade thresholds and determine tick-size regimes.Market participants are encouraged to monitor thecalculations regularly. This includes estimates for newly traded instrumentsand updated figures after the first weeks of trading. The full list ofinstruments and related data is available through ESMA’s FITRS and the Registerweb interface.ESMA also reminded firms that the revised rules ontransparency for equity and equity-like instruments will take effect from 2March 2026. The calculations published this year will remain applicable untilthe next annual update.Looking ahead, ESMA is also moving to consolidate post-tradederivatives data across the EU, another measure aimed at improving transparencyand market efficiency.CFD Brokers Eye ESMA Data FeedESMA has opened applications for a Consolidated TapeProvider to aggregate post-tradedata for over-the-counter derivatives across the EU. The service willpackage data from trading venues and other contributors into a singleelectronic feed. While aimed at all market participants, CFD brokers will bekey users as they comply with upcoming transparency rules. The winning providerwill operate under ESMA supervision for five years, with final selectionexpected by July 2026. The feed is intended to support market efficiency and alignwith ESMA’s 2027 derivatives transparency reforms.This article was written by Tareq Sikder at www.financemagnates.com.