ESMA finalises MiFID II’s derivatives trading obligation

MiFID Firms
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Date: 06 October 2017

On 29th September 2017, the European Securities and Markets Authority (ESMA) issued its final draft Regulatory Technical Standard (RTS) implementing the trading obligation for derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA’s draft RTS provides the implementing details for on-venue trading of interest rate swaps (IRS) and credit default swaps (CDS).

Next steps

ESMA’s draft RTS have been submitted to the European Commission (EC) for its endorsement. The Commission expressed to ESMA its strong commitment to apply the trading obligation from the start date of the MiFID II framework. ESMA has therefore maintained 3 January 2018 as the envisaged date of application.