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ARTICLE · 11 DECEMBER 2020

ESMA To Retain Derivative Trading Rules Post Brexit Transition

William Fry LLP
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On 25 November 2020, ESMA issued a public statement on the impact of the end of the Brexit transition period on the trading obligation for derivatives.

European UnionFinance and Banking
Patricia Taylor
Patricia Taylor
John Aherne
John Aherne
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On 25 November 2020, ESMA issued a public statement on the impact of the end of the Brexit transition period on the trading obligation for derivatives.  

Derivatives Trading Obligation

MiFIR requires investment firms to conclude transactions in some derivatives on regulated markets, multilateral trading facilities, organised trading facilities or third-country trading venues in jurisdictions benefiting from an EU equivalence decision (Derivatives Trading Obligation or DTO). The classes of derivatives subject to the DTO cover certain fixed-to-float interest rate swaps denominated in EUR, USD and GBP and two credit default swap indices. 

No Mitigation Measures

In its November statement, EMA stated that there is "no evidence that in case of a no-deal Brexit and in the absence of an equivalence decision by the Commission covering UK trading venues, market participants will not be able to continue meeting their obligations under the DTO".

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