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November 17, 2017

EC issued new regulatory technical standards that specify which derivatives should be subject to the trading obligation under the Markets in Financial Instrument Regulation (MiFIR). The rules are intended to make certain types of derivative trades safer and more transparent. The regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

The new rules determine those derivatives that may only be traded on an EU trading venue or a non-EU trading venue covered by equivalence decisions of EC. EU trading venues include regulated markets, multilateral trading facilities, and organized trading facilities. These rules, which take the form of regulatory technical standards, will now be sent for scrutiny to the European Parliament and the Council. Furthermore, EC is planning to soon adopt its equivalence decision recognizing some U.S. trading platforms, following last month's agreement with the U.S. CFTC on a common approach regarding certain derivatives trading platforms.

This follows the G20 commitment to ensure that more trading in derivatives takes place on transparent trading venues, instead of being privately negotiated over the counter. Valdis Dombrovskis, Vice-President in charge of Financial Stability, Financial Services and Capital Markets Union, said: "With these rules, EU financial market players will now have certainty on what derivatives will have to be traded on venues where greater safety, stability and transparency are assured."

 

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Keywords: Europe, EU, Securities, MiFID II, MiFIR, Trading Obligations, Trading Venues, Equivalence, EC

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