ESMA's 2027 work plan: derivatives tape in Q2, T+1 delivery and a first volume-cap report

On 28 September the European Securities and Markets Authority (ESMA) published its 2027 work programme. It describes the year as a shift “from preparation to the delivery” of several large projects. For trading and post-trade, the main ones are the consolidated tapes, the EU’s move to T+1 settlement on 11 October 2027, and a rebuild of transaction reporting.

“2027 marks an important milestone for the Savings and Investments Union (SIU) as many of ESMA’s strategic initiatives move into the delivery phase,” said Chair Verena Ross. She noted that ESMA is already advancing parts of the SIU agenda “while co-legislators continue their work on the Market Integration and Supervision Package (MISP)”.

Tapes and transparency

The programme says ESMA began supervising the equities consolidated tape provider (CTP), covering shares and ETFs, in 2026. Authorisation of the bonds CTP is ongoing. The first derivatives CTP is due to be authorised in Q2 2027.

ESMA also plans to:

• give supervisory guidance on the revised MiFIR transparency regime, covering data contributors and all three CTPs
• “gather evidence and develop its reflections” ahead of its report on the consolidated tapes
• publish its first biannual report on the impact of the single volume cap in Q3 2027
• monitor the cost of market data ahead of a 2028 report on “reasonable commercial basis” pricing
• keep watching liquidity fragmentation, retail trading and the possible deployment of AI in EU trading

T+1, clearing and reporting

ESMA says it will continue to take part in the governance of the T+1 transition and monitor how firms are implementing it. On clearing, it will review the impact of EMIR 3 in 2027. That review covers the new clearing thresholds and the new post-trade risk reduction exemption, as part of reducing EU dependence on “certain systemically important clearing services located outside the EU”.

The four simplification “flagships” also move into a new phase. The best known is the holistic review of transaction reporting under MiFIR, EMIR and SFTR. ESMA says it is preparing to implement the review subject to final policy and legislative outcomes.

The press release says ESMA expects co-legislators to reach final agreement on MISP in 2027. ESMA will then prepare for the resulting changes to its mandates. Tokenisation, crypto-asset supervision under MiCA and AI-based supervisory tools are also listed as priorities.

Why it matters

The work programme does not create new obligations, but it does set dates. Three are most relevant for practitioners:

• Derivatives CTP: for market-data teams, a Q2 2027 authorisation means a third tape is coming. Deferral and transparency calibrations will feed into it.
• Volume cap report: dark-pool operators and broker crossing engines should read the Q3 volume-cap report as the first official review of how the single cap is working.
• T+1: post-trade teams have ESMA’s confirmation that the transition date is fixed in its planning.

Sources

• ESMA press release, 28 September 2026 — https://www.esma.europa.eu/press-news/esma-news/esma-sets-2027-priorities-stronger-simpler-and-more-integrated-eu-capital
• ESMA 2027 Annual Work Programme — https://www.esma.europa.eu/sites/default/files/2026-09/ESMA22-50751485-1673_Annual_Work_Programme_2027.pdf