Market operators and investment firms operating trading venues may defer publication of transaction details, including price and volume, for exchange‑traded derivatives and certain OTC derivatives. They must clearly disclose deferral arrangements; ESMA will monitor their application and report to the Commission every two years. Deferred publication is organised into five categories: category 1 medium size in liquid markets; category 2 medium size in illiquid markets; category 3 large size in liquid markets; category 4 large size in illiquid markets; and category 5 very large size. Individual transaction details must be published when the deferral period lapses.

The competent authority may temporarily suspend publication obligations where liquidity falls below an objective threshold, with publication and notification to ESMA; ESMA will publish such suspensions. In emergencies ESMA may extend maximum deferral durations after consulting competent authorities. Suspensions and extensions are valid for up to three months and may be renewed; authorities must notify ESMA and ESMA will issue an opinion. ESMA must develop draft regulatory technical standards, consulting the expert stakeholder group, to specify publication details, timing, liquidity and size definitions, and price and volume deferrals, to be submitted to the Commission by 29 September 2025 and reviewed regularly.