August 10, 2017

ESMA published the 29 responses it received to its consultation on trading obligation for derivatives under MiFIR. The consultation ran from June 19, 2017 to July 31, 2017.

ESMA had proposed, in June, its revised approach for implementing the trading obligations for derivatives under the Markets in Financial Instruments Regulation (MiFIR). Trading obligation under MiFIR will move over-the-counter (OTC) trading in liquid derivatives onto organized venues, thus increasing market transparency and integrity. MiFIR, which implements parts of the second Markets in Financial Instruments Directive (MiFID II) framework, outlines the process for determining derivatives that should be traded on-venue. This consultation included liquidity analysis for interest rate derivatives and Index Credit Default Swap (CDS), based on a dataset covering the second half of 2016, including the proposal on which derivatives should be made subject to the trading obligation. The consultation also proposed how to phase-in the trading obligation for derivatives and the approach for the instrument register to be maintained by ESMA for the trading obligation, along with a high-level cost-benefit-analysis.

 

Related Link: Consultation Paper and Responses Received 

Keywords: Europe, Securities, MiFIR, Trading Obligations, OTC Derivatives, Trade Repository, MIFID II, CDS, ESMA

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