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ARTICLE · 13 NOVEMBER 2017

EU Final Draft Technical Standards On The Trading Obligation For Derivatives Published

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On 28 September 2017, ESMA published a final report and final draft regulatory technical standards ("RTS") on the trading obligation for derivatives under the Markets in Financial Instruments Regulation ("MiFIR").

European UnionFinance and Banking
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On 28 September 2017, ESMA published a final report and final draft regulatory technical standards ("RTS") on the trading obligation for derivatives under the Markets in Financial Instruments Regulation ("MiFIR"). The trading obligation is applicable to classes of derivatives that:

  1. have been declared subject to the clearing obligation under the European Market Infrastructure Regulation ("EMIR"), (ii) are admitted to trading or have traded on at least one EU trading venue (a regulated market, multilateral trading facility, organized trading facility or a third- country equivalent trading venue) and (iii) are sufficiently liquid. Where ESMA determines that a class of derivatives should be subject to the MiFIR trading obligation, third-country trading venues would only be permissible for trading by EU entities when determined to be equivalent by the European Commission. The trading obligation will apply to financial counterparties and to non-financial counterparties.

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